Tips & Tax Updates

2018 Year End Quick Tips

  • Tax plan!  This may seem like an obvious tip, but many fail to do so and end up with large tax bills in April.  It isn’t too late to make year-end adjustments to withholdings or estimates.


  • Get your documents in order. This makes it much easier for you to drop off an organized file to your CPA which will help keep costs down and limit questions.


  • Look at your income and deductions for the year. In some situations, it makes sense to accelerate deductions or defer income into a later year.


  • Review your retirement accounts! It is not too late to increase your contributions.  The deadline for 2018 deposits is 4/15/2019.


  • Plan ahead to make your Charitable Contributions prior to year-end and get proper documentation for all donations.


  • Review upcoming health expenses. If you may be eligible to deduct some health expenses, try to get in the remainder of your appointments in 2018.

  • Be aware of new due dates!

  • Track down 1099 information from your subcontractors ahead of time. Don't wait until January.


  • Review YTD numbers to analyze if a year end bonus is needed or if it might be a good year to make some large purchases.