The foundational step to effective, year end tax planning is the creation of an accurate tax projection. The time spent compiling information for the projection is not lost time, as the information will also be used in the preparation of your final return. Jerri & I would like to help you with your year end projection. For many taxpayers, the cost of the consultation will be more than offset by the tax saved.
If you feel comfortable doing your own year end projection, be sure you consider the potential effects of the Alternative Minimum Tax (AMT) and the effect which the amount of your Adjusted Gross Income (AGI) has on the various phase-outs of deductions and credits. The amount of your AGI and your potential liability for AMT are basic to any decisions you make to minimize taxes.
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