2019 Income Tax Planning Be Proactive

As we approach the end of 2019, it is a good time to consider engaging the experienced CPAs at BJM – Bach, James, Mansour & Company for tax planning services. Having our team work on your tax planning now will help you to get an estimate of your 2019 income taxes. We may also be able to help you take actions to reduce your income taxes prior to the end of the year.

Here is a list of several common financial scenarios where proactive tax planning may be in your best interest:

• You have experienced a major life event this year; such as marriage, having a child, adopting a child, divorce, or perhaps the death of a family member
• Your income significantly increased or decreased during the year
• You have income from self-employment or rental activities
• Your income tax withholdings changed significantly
• You purchased or sold a business or rental property, or you anticipate the purchase or sale of a business or rental property before the end of the year
• You have purchased, or are planning to purchase, Georgia Film Tax Credits, Education Credits, or any similar tax credits
• Your retirement plan distributions have changed significantly from 2018
• You anticipate taking a large distribution from a retirement plan before the end of 2019, or in early 2020
• You anticipate giving more than $15,000 in gifts to any individual during 2019
• You anticipate making a charitable donation of appreciated investments or conservation property

If any of these situations apply to you, please feel free to contact me, or any BJM CPA with any questions. It is much easier to address any tax concerns now, as there is relatively little that can be done to reduce your 2019 income taxes after the end of the calendar year. To reach us, you can call (678) 551-2900 or visit our website.

Bill Lincoln, CPA