Now is the time to review your tax plan for 2014 and make any adjustments. If you act now, you will still have time to impact your 2014 tax obligations. Here is a quick list to review to help you determine if a tax plan review is in order.
Have you or will you have any of the following events in 2014 that can trigger a change in tax obligation?
- Change in marital status (married, divorced, widowed)
- Change in employment status (you or your spouse)
- Substantial change in income (increase or decrease)
- Sale of stocks or bonds resulting in a substantial gain
- Purchase or sale of a rental property
- Change in business ownership (start, sell, acquire or significant change in ownership percentage)
- Purchase or sale of your home
- Refinance or take out a second on your home
- Receive a significant inheritance
- Purchased significant equipment for your business
- Purchase a new vehicle for your business
- Receive substantial investment income or gains from the sale of investment assets
- Made unplanned withdrawals from an IRA or pension
If you answered YES to any of the items on the list above, you may need to adjust your tax strategy for the second half of 2014.
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This post was written by Profit Wise Accounting