Year-End Tax Planning; What Documents Should You Gather?

By Neil Hinkle, CPA

September 15, 2016

As we approach the end of another calendar year, it’s time to consider taxes due for this year and develop a strategy to reduce your tax bill before December 31st. Since most tax reduction strategies need to play out by the end of the year, it is important to begin your tax planning early.

Start by considering the things that affect the tax you may owe, including but not limited to:
• Current year business income and wages earned
• Quarterly estimates paid
• Taxes withheld from wages
• Property and equipment acquisitions
• Investment activity and performance
• Charitable gifts
• Other Tax deductible expenses
• And don’t forget current legislation!

Sifting through all this information can seem overwhelming, but we can help!

Try gathering:
• Your most recent pay-stub that shows year-to-date wages and withholdings
• Your year-to-date profit and loss statement from your business
• Current investment and retirement statements
• A list of current year charitable and medical expenses
• Last year’s tax returns
• Your checkbook register

If you would like to know what to expect to pay for taxes in the spring, or if you are looking for opportunities to reduce your upcoming tax burden, please feel free contact us at Whitcomb & Hess (419-289-7007 or We are glad to help!

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