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Tax season is just ahead and approaching fast – prepare now for a smooth arrival

December 13, 2019

Don’t ignore the signs – tax season will be here before you know it. Start preparing now to make it a smooth ride when it’s time to file your 2019 taxes.  Reimer, McGuinness & Associates is here to steer you and your business in the right direction during the fourth quarter. 

Our mission is to help our clients realize their financial goals.  However, many people, small business owners in particular, aren’t aware that most 2019 tax year options won’t be available if 2019 tax data is not submitted until spring or summer of 2020.  We love to tell our clients, “Let’s review all the options available to you now!” rather than “Unfortunately there’s not much we can do now.”  Our tax planning services can yield substantial benefit when begun early enough, so much so that we are confident our services will often pay for themselves.  

Our services include reviewing with clients all the available tax planning options, and the tools we can utilize to optimize tax efficiency for 2019 and future tax years.  Every client’s applicable planning considerations are specific to their business, their investments, their income, and their preferences.  This is a short list of planning items that may work for your business and personal taxes, and help you meet your goals.

  1. Qualified business income exclusion
  2. Business owners’ salary optimization
  3. Retirement plan contributions
  4. Backdoor ROTH conversions
  5. Section 179 and bonus depreciation  
  6. Charitable donations
  7. Bunching itemized deductions into 2019
  8. Rental real estate considerations
  9. Timing income and deductions
  10. Health Savings Account (H.S.A.) deduction  
  11. Penalty avoidance for late payment of estimated taxes
  12. Revaluating your investment portfolio

It is important to understand the details behind each of these options and how they impact your overall financial picture.  Many of these items are applicable to the majority of business owners, and are worth implementing both before 2019 ends and once 2020 begins.

With only your year-to-date financial statements or your 2019 income and deductions, we can identify your best options and provide a savings projection.  Please reach out to your regular RMA team member to submit your information and get ideas and suggestions on how to lower your tax liability and reach your financial goals.  If you aren’t working with us yet, please contact me at mhuett@rma-cpa.com and I’ll be happy to assist.

As soon as you are ready to take advantage of the many tax breaks out there, our team is available to work through some tax planning scenarios with you.

We look forward to working with you.


About the author:

Mike Huett, CPA

Mike joined Reimer, McGuinness & Associates in 2009. As a CPA and Manager, Mike serves clients in a variety of ways. He prepares and reviews complex tax returns for corporate, partnership, and high net worth individual clients. He serves as an audit manager for financial statement audits, reviews, and other attest engagements. Mike has extensive experience with tax compliance, accounting, financial reporting, and tax planning within the industries of real estate, construction, manufacturing, insurance, professional service providers, not-for-profit entities, and pass-through entities.

Mike earned his Bachelor’s Degree in Accounting from the University of Houston-Downtown, and he is a licensed CPA with the State of Texas.

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