Business Owner On Vacation

Business Owner on Vacation

While this is the time of year for vacations, spending time with the family and just relaxing a bit, it is also a great time to check in with your 2014 tax plan to make sure it is still on target. If you’ve had any key activities or events during the first half of the year or plan to make some prior to year end, now is the time to review these events to understand their potential tax implications and make any mid-year adjustments. You still have time to affect your 2014 tax obligations if you act now.

Tax obligation overview

Take a quick review of the list below. If any of these events or activities applies to you, you’ll want to spend some time to update your tax plan in order to mitigate any negative impact to your tax obligation.

  • Have you or will you have any of the following events in 2014 that can trigger a change in tax obligation?
  • Change in marital status (married, divorced, widowed)
  • Change in employment status (you or your spouse)
  • Substantial change in income (increase or decrease)
  • Sale of stocks or bonds resulting in a substantial gain
  • Purchase or sale of a rental property
  • Change in business ownership (start, sell, acquire or significant change in ownership percentage)
  • Purchase or sale of your home
  • Refinance or take out a second on your home
  • Receive a significant inheritance
  • Purchased significant equipment for your business
  • Purchase a new vehicle for your business
  • Receive substantial investment income or gains from the sale of investment assets
  • Made unplanned withdrawals from an IRA or pension

If you answered YES to any of the items on the list above, you may need to adjust your tax strategy for the second half of 2014. Please contact me if you have any questions or need assistance.

Randy Randy J. Elder, CPA, P.C.

With nearly three decades of professional experience in public accounting, Randy provides his tax and accounting expertise to new and small businesses in a casual and friendly environment. Before founding Randy J. Elder, CPA, P.C., he held various positions with an international accounting firm, and with regional and local CPA firms. Randy earned his Arizona CPA license in 1988, and holds a Bachelor of Science degree in Accountancy from Northern Arizona University.

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