By Kevin Jack, CFP®Take time for all things: great haste makes great waste. — Benjamin Franklin Let’s face it — most efforts to minimize business and personal tax exposure are reactive and last-minute. Frequently, these efforts consist of little more than the obligatory, harried phone call to your CPA as year-end looms near. The conversation likely includes some variation of the following questions: “How can I minimize my tax exposure this year?” “What can I still do before the end of the year to qualify for another deduction?” “Am I out of time?”The typical response could include ideas such as the following:
- Buy a piece of equipment to qualify for the Section 179 deduction
- Establish and fund a pension plan for your practice