Year-End Tax Planning: Just Do It – Now


High net worth individuals and families are typically smart about managing money, but things can go sideways when it comes to taxes.

Even after 25 years as a CPA, I’m continually surprised to see highly successful people waiting until just before April 15th to do anything with their prior year’s income taxes. At that point, it’s just too late for tax planning.  By putting off the task, taxpayers miss a number of golden opportunities to reduce taxes.The good news is that getting ahead of the curve is relatively easy: Simply reach out to your tax advisor and let them know of any big financial changes in your life or your business during the past year. The heads up will give your advisor time to start thinking about your next move before the end of the year, when you have far more ways to minimize taxes.