The Benefits of a Year End Tax Planning Meeting

For many taxpayers, especially those who own a business, a year-end tax planning meeting with your CPA is a must. The purpose of the meeting is to clean up your books (if necessary) and project your tax liability for the current year. Then your CPA can make recommendations to reduce the amount of taxes that you will owe. Bottom line – a year-end tax planning meeting can save you money.


When To Schedule

year end tax planning meeting

Typically, the best time for a planning meeting is between mid-October and December 25. Scheduling early gives you more time to take tax-saving action. It also may increase the number of actions you can take.

For example, let’s say your CPA projects that you will have a large amount of income without many off-setting expenses. Your CPA may recommend that you purchase needed equipment immediately to offset the income. But if you didn’t schedule your planning meeting until the middle or late December, you may not have time to order and pay for new equipment before the end of the year.


“Our clients who schedule this meeting year after year can attest to the benefit and savings they have experienced by acting on our recommendations. Please fill out the form below to schedule your year end tax planning meeting.”


What Strategies Will the CPA Recommend?

There are many tax-saving strategies that might be employed in a given situation. Some of these strategies include:

  • Identifying deductions
  • Divesting assets that represent unrealized losses to off-set capital gains
  • Restructuring income
  • Purchasing needed equipment earlier than planned
  • Delaying the receipt of year-end payments from customers until early the following year
  • Expediting the payment of expenses
  • Contributing to qualified retirement plans –such as 401(k), 403(b), 457(b), IRA, and SEP
  • Contributing to a church or charity

If you have never scheduled a tax planning meeting, you may be wondering if the tax savings will be more than the cost of the fee for the services. Our clients who schedule this meeting year after year can attest to the benefit and savings they have experienced by acting on our recommendations.


Ready to Schedule Your Meeting?

If you are a current client or a potential client and would like to schedule an appointment to discuss year-end tax planning, please call us at 615-750-5537 or fill out the form below and submit it to us. We will contact you to schedule your appointment.

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