Now is the time for year-end tax planning.
As 2019 comes to a close, the team at Laufer LLP is proactively identifying tax savings opportunities for our clients. While minimizing your tax burden is something we work hard at all year round, the last quarter of the year is when we can fully evaluate all of the personal and business transactions that occurred in 2019, and can potentially save you tax dollars.

This year, the previously enacted tax reform (TCJA) presents good opportunities for tax savings. From the 20% Qualified Business Income (QBI) Deduction, to depreciation perks and employer-paid family and medical leave credits, there are many ways to minimize your tax liability. Not to mention work opportunity tax credits and retirement planning incentives. Our commitment to you is to look at every possible way you can protect the money you worked so hard to earn over the past year.

In order to help you prepare for year-end, here’s what you can expect to be discussing with your Laufer LLP team member:

BUSINESS
  1. Sales by month for October, November and December
  2. Unbilled and not accrued major projects completed or to be completed by 12/31/19
  3. Significant repairs or equipment replacements required by year-end as well as any foreseeable repairs/replacements in 2020
  4. Evaluate whether a cost segregation study is needed for major projects to maximize savings
  5. Future year-end expenses such as holiday parties, employee bonuses, etc.
  6. Unusual items on the Company’s income statement

PERSONAL
Overall, we will want to know if you have incurred any income or expenses that were different from the previous year, including:

  1. Pay down of mortgage or refinance of existing mortgage
  2. IRA or retirement account distributions, including annuities
  3. Charitable contributions not made through the business
  4. Capital gains on sales of assets such as real estate, stocks, bonds, etc.

We hope this information helps you to proactively prepare for the year-end tax planning discussions we expect to have with you. As always, we are here to help with any tax, accounting or business planning questions you may have. We invite you to reach out to a member of the Laufer LLP team with any questions by calling  631-226-9600 or visit with us during one of the upcoming meetings below. And be sure to follow us on  LinkedIn and  Facebook to stay up-to-date on year-end tax and business planning strategies.

Andrew Laufer, CPA - Managing Partner
"Due to the increasing complexities of the business, it is not an easy time to be a McDonald's Owner Operator. But, there are many things you can do to prepare for the changes that lie ahead and take control of your future. My team and I understand, we care and we can help."
UPCOMING EVENTS

Stamford Field Office Summit
October 28-30
Ritz-Carlton Golf Resort, Naples, FL

W.O.N. Luncheon Meeting
October 28
Ritz-Carlton Golf Resort, Naples, FL

WE HOPE TO SEE YOU THERE!
LAUFER LLP
406 Deer Park Avenue
Babylon, NY 11702

(631) 226-9600
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