‘Year-end tax planning saves a surgeon over $236,800 before 12/31.’
Predicting what you'll owe in taxes before year-end gives you time to do something about it.
3 min read

Money Found

26 December 2023

Year-end tax planning saves a surgeon over $236,800 before 12/31.

Angie M Grainger

Prediction is the key to eliminating financial stress… and the key to reducing taxes.

When you can see what's coming you can also do something about it.

We hate having surprises when it comes to taxes, but in order to predict what's owed, we have to have very clean books to start with.

During year-end tax planning, the first step is a thorough review of the books. From there, we can project how much will be owed in taxes.

We usually start this process in November because there are things we can do before year-end when we have enough time.

In the case of this surgeon, we were able to set up a retirement plan that allows $300,000 contributions instead of the max $61,000 in a SEP-IRA. That saves him $148,000 in taxes!

Plus, by paying his state taxes via PTE (Pass-Through Entity) tax by 12/31, he will save another $89,000 as a full federal deduction on his state taxes.

None of this could have happened had he done nothing before it was too late!

Doing nothing is expensive.

Why settle for anything less than your own, personal CPA firm?

Why settle for anything less than your own, personal CPA firm?

Our team of Certified Public Accountants, Personal Financial Specialists, and Certified Financial Planners® is dedicated to personal finance—so we’re dedicated to you.

Our team of Certified Public Accountants, Personal Financial Specialists, and Certified Financial Planners® is dedicated to personal finance—so we’re dedicated to you.

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