Key Year-End Tax Strategies, Part 1: Individuals

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Typically in my column Tax Court Corner, I explore and decipher US Tax Court cases. But in this article, the first in a three-part series, I will focus on year-end tax strategies for individuals.

After 23 years of being in practice, it never ceases to amaze me that clients think that when they bring their tax information to us, we can simply wave a magic wand: “Now you see it, now you don’t.” After all these years, I believe I have most of my clients trained. It’s a process, but you can do it, too – and charge for it.

Beginning with my September newsletter, I emphasize the importance of year-end tax planning and offer a complete year-end strategy meeting, for half price. This offer expires Oct. 15, and then the price goes up.

In the October newsletter, I again emphasize tax planning’s importance and offer the same deal I did earlier, with a 25 percent discount. In November, I offer it again, but no discount. For monthly accounting clients, I add this service to their monthly fee, thus not charging extra for it.

NOTE: Do not do this service for free!

As year end approaches, taxpayers generally are faced with several choices that can save taxes this year, next year, or both years. Employees, too, are faced with these choices. However, employees have some special considerations that retirees and other nonworking individuals don’t face.

Flexible Spending Accounts
To help our clients who are employees take advantage of these special tax-saving opportunities, we have put together a list of items to consider.

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About Craig W. Smalley, EA

Craig Smalley

Craig W. Smalley, MST, EA, has been in practice for almost 23 years. He has been admitted to practice before the IRS as an enrolled agent and has a master's in taxation. He is well-versed in US tax law and US Tax Court cases. He specializes in taxation, entity structuring and restructuring, corporations, partnerships, and individual taxation, as well as representation before the IRS regarding negotiations, audits, and appeals. In his many years of practice, he has been exposed to a variety of businesses and has an excellent knowledge of most industries. He is the CEO and co-founder of CWSEAPA PLLC and Tax Crisis Center LLC; both business have locations in Florida, Delaware, and Nevada. Craig is the current Google small business accounting advisor for the Google Small Business Community. He is a contributor to AccountingWEB and Accounting Today, and has had 12 books published on various topics in taxation. His articles have also been featured in the Chicago Tribune, New York Times, Yahoo Finance, Nasdaq, and several other newspapers, periodicals, and magazines. He has been interviewed and been a featured guest on many radio shows and podcasts. Finally, he is the co-host of Tax Avoidance is Legal, which is a nationally broadcast weekly Internet radio show.


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