Year-End Tax Planning – – Have You Started Yours?

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As 2015 winds down, it is incumbent upon all people to start doing some year-end tax planning.

Look at your current situation and determine what is it that you need to do to minimize your taxes. Do the right type of planning in 2015, so when tax time comes, you have the least amount of problems.

Consider setting up a:

New defined benefit pension;
Profit sharing 401k plan; or
SEP plan.

Since we can’t rewind the clock, these types of plans potentially can be helpful.
All plans need to be set up by December 31, 2015, in order to count and be utilized for 2015. However, the plans do not have to be fully funded until you actually file your taxes, which for most people is April 15, 2016.

So as you wind 2015 down, evaluate your situation. Would it be beneficial to set up a pension profit sharing plan, 401k type plan, or SEP plan for this year?

If you’d like to learn more, or get a proposal as to how much money you can put aside, give us a call.

Registered Representative offering Securities through American Portfolios Financial Services, Inc. (APFS) Member FINRA/SIPC. Investment Advisory Services are offered through G&G Planning Concepts, Inc. which is not affiliated with APFS. Strategic Wealth Advisors Network and Gassman Financial Group are not affiliated with APFS.

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