Changing of the leaves, fall football, college basketball around the corner, and the final dash for tax strategy before the year is up.
How can you not appreciate the color of the deciduous fall leaves throughout the eastern seaboard and mountains, across New England, in the Rockies, and across the nation in key areas.
Fall also reminds us of Pumpkin Pie, sweater weather, crisp air college football and tailgating, a big bowl of spicy chili, and fresh apples and pears. Then of course raking those fallen colorful leaves!
It’s also the time for yearend tax strategy meetings with your CPA (oh fun!). Actually looking for ways to reduce your federal tax liability may turn out joyful. If you wait too long, it will be too late. Consider this now.
There is still time and options to make a strategic acquisition or tax strategy move. Perhaps even some of your 2023 business decisions or transactions may yield tax incentives. When you meet with your CPA or tax strategist, you may realize the opportunity to favorably reduce your 2023 tax bill. Below are just a few tax incentives to consider:
- Acquisition of income producing real estate for bonus depreciation
- Tenant and property improvements for 179 expensing or bonus depreciation
- Partial Asset Disposition (P.A.D.) on replaced roofs, HVAC and assets removed due to property improvements
- Energy tax incentives on both residential and commercial properties
- Research and development tax credits for new product innovation and/or process improvement
If you delay this planning until mid to late December, you may have lost the opportunity. And you will be sending your money to “The Rich Men north of Richmond”.
So ask yourself, “Am I taking advantage of all the tax incentives offered through the I.R.S.?”. If you are unsure, talk to someone; perhaps your CPA (though they are not always up to date), or better yet a tax strategist, or even a business colleague you trust.
If tax deductions, credits or incentives are part of the US Tax Code, take full advantage of them.