Year-End Tax Planning and 2014 Tax Law Changes

As noted on the “About” page, one of the purposes of this blog is to offer tax savings strategies. As each calendar year nears it’s close, we work with our clients to implement various strategies to reduce their taxes for the year (or in some cases increase them for the purpose of reducing them even more in the following year).  The strategies summarized below comprise the general rules for reducing income taxes year to year and should be considered throughout the year.

Should I Sign That Joint Tax Return

As some of you procrastinators may be aware, the October “tax season” just ended. As a result, in the last few weeks I was asked numerous times to evaluate whether or not one of the spouses undergoing a marital dissolution should sign a “married filing joint” tax return prepared by their spouse (or their spouses advisors).  The reason this question gets asked so often in these situations is because the spouse who did not prepare the joint return is afraid that the spouse who prepared the return may have understated the income or perhaps overstated deductions.  

Financial Partners – Financial Advisors and Bookkeepers

One of your goals (whether undergoing divorce or not) should be to build your estate to achieve financial security.  This process quite simply involves increasing your income and budgeting that into cash which must be used to acquire income producing assets. While in the process of divorce it may be even more imperative to utilize the services of competent professionals to assist you in reaching financial security and managing your financial affairs.  In addition to a skilled and experienced Certified Public Accountant, you may want to consult with a Financial Advisor and/or a Bookkeeper.