Be prepared from having too little or too much tax withheld from your wages this upcoming year by using the Tax Withholding Estimator. This tool will determine if you should make an additional or estimated tax payments to the IRS or to submit a new W-4 to your employer. It is best to check your withholdings when there is a major income change, marriage, home purchase or a new job. Contact our office if you have any questions regarding your tax withholding or visit www.irs.gov for more information.
Our office will be closed on Thursday, November 24th & Friday, November 25th.
We are thankful for the opportunity to serve our amazing clients and friends! Our best wishes for a Happy Thanksgiving!
What is Tax Planning?
Tax planning involves structuring your financial situation in the most beneficial, legal manner to maximize profit and reduce your tax liability. Tax planning takes the effects of all provisions of the tax code into account, whether for family tax planning or business tax planning, and charts the most beneficial path for your particular situation. In today's complex environment, planning for the tax effects of your personal and business decisions isn't an option, it's a necessity.
This time of year you might want to sell off investments (stocks, mutual funds, etc...) in order to realize losses. You can use up to $3,000 of excess loss to offset your gains. If your losses exceed $3,000 they can be carried into next year.
Farewell Mary!
After 14 years, our beloved Mary Smith has retired from Chandler & Knowles CPAs. Mary has been an integral part of our company. Her hard work, commitment and dedication are worthy of admiration. Mary will be greatly missed and we wish her all the happiness in retirement!
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