7 Planning Points on End of Year Tax Opportunities

Find out what you can do to be prepared for taxes at the end of each year.

16:42 25 March 2013

The end of the financial year is an excellent time to consider your current financial state, as well as your goals for the year ahead. This is especially important if you foresee changes such as retirement in the near future, but it’s also crucial to assess each year and plan ahead.

 

Here are a few things to consider at the end of year to plan for next year’s taxes:

 

• Contributions to Junior ISA’s

 

• The amount to contribute to your own pension

 

• How much your property taxes might be and if certain property is better off being sold or retained

 

• Revisions to wills don’t effect next year’s taxes (hopefully), but it’s a good habit to review these regularly

 

• Business should definitely consider any plans for company growth and how taxes will be effected

 

• Plan accordingly for any impending variances in income taxes

 

• Figure out if and when it would be most beneficial to give charitable contributions, and what amount would be best

 

• Plan for Capital Gains taxes and consider giving funds to a spouse if applicable to keep taxes lower

 

Having a good idea of your current financial situation, and reviewing what the past year was like, will be a great benefit when planning for next year’s taxes. You will be able to make potentially minor changes which may result in much greater tax savings at the end of the year.

 

If you have additional questions regarding what to do with investments, off-shore accounts, or other financial matters, it is best to consult an independent financial advisor, or qualified tax consultant to help you sort through the numbers and give you the information to you need quickly and effectively, to maximize your hard-earned funds.