I earned an undergraduate degree in Economics and an MBA with an emphasis in Accounting and Tax from the University of Colorado, Boulder and have been a Certified Public Accountant since 1997. I have many years of experience providing valued financial guidance to individuals and businesses. I’ve lived in Boulder County for more than 20 years and currently reside in Boulder with my wife and three children where I spend time enjoying the great outdoors with my family and training for and competing in triathlon and running events.
I offer prompt service
..There’s still time for year-end financial housekeeping to minimize your 2012 Tax Liability.
Here are a few of my thoughts.
Fund your Retirement Account - Invest the maximum amount if you can. Maximum contribution limits depend on the type of plan you have.
True-up your Q4 Estimated Tax Deposit - If you make estimated tax payments, work with a CPA to plan your 2012 tax liability before your Q4 payment is due in January 2013 to avoid overpaying or underpaying.Sell Losing Investments - You may be able to offset gains from investments by selling losers.
Maximize your Itemized Deductions - If you itemize and you paid sales tax on a large purchase in 2012 (i.e. a new car) you may be able to maximize your tax savings by choosing to deduct Sales Tax instead of State Income Tax.
Upgrade Your Home - This is your last chance to claim a tax credit for making energy-efficient improvements to your principal residence. The home-energy tax credit expires at the end of this year.
Donate to Charity - If you itemize your deductions, you may be able to reduce your tax bill by donating items or money before year-end.
Give to your Family - You can give up to $13,000 this year to any number of recipients and avoid the Gift Tax.
Spend Down your Flex Plan if you have one.
If You Own a Business
Purchase equipment that qualifies for Section 179 or Bonus Depreciation - If you own a business you can reduce income by placing equipment in service before December 31.
Pay Employee Bonuses before year-end.
You can reduce your taxable income by writing off any obsolete inventory.
Make a charitable donation through your business.
There is a good chance that tax rates will increase after 2013 and tax breaks will be harder to find. Be sure to consult a qualified professional about whether these strategies are right for you.
