Lumsden McCormick, LLP
2012 -2013 Tax Planning Guide (PDF version, 35 printable pages)

Are you doing everything you can to save tax?

Making sure you keep your tax liability to a minimum is key to your overall financial health. Fortunately, there are some tried and true ways to help you achieve that goal. Below are tax-reduction strategies for individuals and businesses.  Check those that apply to your situation and contact us to map out a strategy.

Personal strategies:

• Accelerating or deferring income
• Maximizing or bunching deductions
• Watching out for AMT triggers
• Contributing to a retirement plan
• Donating to charity
• Claiming all possible exemptions and credits
• Taking child-related breaks
• Timing capital gains and losses
• Planning for retirement distributions
• Participating in a flexible spending plan
• Taking advantage of education savings plans
• Making timely estimated tax payments
• Incorporating tax planning into your estate plan

Business strategies:

• Selecting a tax-advantaged business structure
• Claiming all credits for which you’re eligible
• Deducting all eligible business expenses
• Accelerating or deferring income
• Using a tax-smart depreciation method
• Considering a cost
• segregation study
• Qualifying expenditures as repairs
• Taking advantage of the expensing provision
• Evaluating the merits of leasing
• Choosing an inventory method that saves tax
• Setting up a retirement plan
• Making timely estimated tax payments
• Incorporating tax planning

Please call us today to talk about ways to put these and other strategies to work for you. And remember to note our new address when forwarding us any coorespendence or client tax records. Our new address is:

Lumsden McCormick, LLP
Cyclorama Building
369 Franklin St.
Buffalo, NY  14202

Our phone, fax, web and email addresses stay the same.
716-856-3300; fax 716-856-2524
www.lumsdencpa.com; mailbox@lumsdencpa.com