Okay ladies & gentleman, it is October and the Holiday season is fast approaching. We are all about to be even busier in our already busy lives. So before the holidays are in full swing let’s talk about your Retirement Plan while you still have some space in your brain that doesn’t involve turkeys and wrapping paper. If your retirement plans aren’t already in place it is time to get busy putting one together. This way you can obtain a tax deduction for 2012, even if you don’t make that contribution until next year, but before you file your return.
You must have a solo 401k in place by December 31 to obtain a 401k deduction for this year. If your plan is established by then you can make your 2012 tax deductible contribution in 2013 before your 2012 tax filing deadline (this includes extensions).
So get your plan in place so you can get back to focusing on costumes, turkeys and wrapping paper. You will enjoy it more knowing you have done everything to impact your 2012 taxes as well as impacting your long term financial planning goals for you and your family.
Please stay tuned over the next few weeks for more last minute tax planning tips. We will discuss other ways you can impact your 2012 taxes ranging from reimbursing Section 105 medical expenses, buying or selling a vehicle, and much more.
Please feel free to contact Harvey and Caldwell, PA at 913-451-4400 or visit our website http://www.harveyandcaldwell.com/ as a resource for your tax needs.