Year End Planning: What to think about right NOW

Year-end planning is now a bit more interesting in 2013 with the impact of the Affordable Care Act, the end of various advantage

s under the American Taxpayer Relief Act (ATRA), and others. Below is a list of suggested topics to consider and questions to answer that may be helpful to reduce your 2013 tax exposure (note: this list isn’t all-inclusive):


  • What income bracket are you in this year and do you expect to be in a different bracket in 2014?
  • If you think your income will increase (which bumps you to a higher tax bracket) is it worthwhile for you to accelerate income into this year or defer deductions to next year?
  • Do you anticipate your income falling and moving into a lower bracket? Should you defer income to 2014 or accelerate your deductions to the maximum extent?
  • If you’ve made money in 2013 on capital gains, what depreciated stocks or other capital assets might you unload to offset the gains and reduce your tax exposure?
  • Do you plan to make end-of-year, tax-deductible charitable donations? If so, how much?
  • What’s new for 2014 that you could take advantage of next year?
  • Have you made changes in your tax planning in light of the Affordable Care Act? Why or why not?
  • Consider timing of IRA contributions; when you make them can gain, or lose, tax advantages.



  • Consider different tax accounting methods (ask your tax professional for guidance, especially when considering this!)
  • If your business must comply with financial loan covenants, develop a year-end forecast to see if a danger exists of failing any of the covenants. If you identify a possible failure, create a strategy to meet the covenants or begin the process of obtaining waivers from your lender. Now.
  • If your company is struggling don’t go into the new year without a financial plan. Meet with your accountant to develop a financial plan and a turnaround plan to stabilize your operations.

Tax planning and compliance is a complex arena, and you’ll most likely benefit from the assistance of an accounting professional; after all, we think and study about these topics every day!

You don’t have to tackle your tax planning on your own; the professionals at Rodefer Moss are here to help you. Click here to find an RM office near you.

Tagged Accounting, Affordable Care Act, ATRA, Bonus Depreciation, Section 179, Taxes, Year End Planning