November means the days get shorter and 2013 year-end planning is imminent. This year we have new planning opportunities and we also have challenges. We started October 2013 with an IRS shutdown that frustrated taxpayers as the extension deadline loomed on October 15. We have been told that the filing season for 2014 could be delayed because the IRS needs more time to update and test its tax processing systems following the 16-day shutdown. Instead of accepting returns on Jan. 21 as previously planned, the agency will now start accepting and process returns on Jan. 28 or Feb. 4.
Tax Planning for Individual
The Affordable Care Act brings two concerns that need to be factored into year-end planning by high income taxpayers, the new Additional Medicare Tax and the surtax on Net Investment Income. The American Taxpayer Relief Act of 2012 (signed into law on January 2, 2013), helped to avoid the “fiscal cliff” and many taxpayers will not have higher income taxes as a result.
Planning for Businesses
If you have questions or want to learn more about these planning points please contact Sherwood Tax and Accounting. We are happy to assist in understanding these always changing tax laws.
When it comes to personal or business accounting services and tax preparation there’s nothing that brings more peace of mind and confidence, and nothing that helps you focus on the big picture, than knowing that your bottom line is on target and on time.
Working with a certified public accountant (CPA) who takes the time to understand the way you live your life and run your business, and invests in educating you so you can make informed decisions, will ensure that your bottom line is not only on target and on time but that it moves you along the road to your success and your goals.
That’s exactly how Sherwood Tax & Accounting approaches every client relationship. Sherwood Tax & Accounting understands that your dreams and goals are unique and that a pre-programmed, one-size-fits-all approach won’t provide the best outcome for you.
When you work with Sherwood Tax & Accounting, you’ll experience something very different. You’ll be working with a partner who goes well beyond simply crunching numbers and filing returns. Sherwood Tax & Accounting will provide you with a clear picture of your financial position and the knowledge you need to make decisions that will move you toward your goals.