Individuals and businesses may be able to reduce 2015 taxes by taking steps like these:
* Determine if you’ll have to pay the alternative minimum tax (AMT) and figure out what you can do to minimize any AMT liability.
* Contribute the full amount allowed to your IRA, defined contribution plan or SEP.
* Make sure you take all deductions, exemptions and credits you can.
* If married, see if you would be better off filing jointly or separately.
* Determine whether you are eligible for special state and local tax credits. Many smaller companies are unaware of all the tax incentives that various governmental units offer.
* l Evaluate your business structure and activities for ways to reduce taxes at all levels. Often, a simple change in operating procedures translates into real tax savings.
* Analyze your business assets to ensure their distribution takes full advantage of changes in tax law and proven tax-reduction strategies.
* Identify steps, such as timing equipment purchases and accelerating depreciation, that would further reduce your tax liability.
Feel free to engage or ask questions on this blog. Thanks!
Liz Soria, ATP, CPB,
Express Tax & Bookkeeping Svcs