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February is a transition month.  Last year is done.  However there are some opportunities for tax saving strategies in February.

IRA and other self employed retirement plans often count contributions made by the due date of the tax return as deductions for the previous year.  This provides for an excellent opportunity to determine the tax effectiveness of making retirement plan contributions.

It is always important to plan for retirement.  However, sometimes there are options for you with different benefits:  for example a ROTH IRA versus a TRADITIONAL IRA.  My office can assist with determining which option is best for you.

For those of you with young children, a 529 plan is an excellent financial tool to help pay for your child's college education.  February is the closing month for Virginia's Prepaid Tuition Contract.  If you feel the tuition contract is not best for you, there are other options available.  The Virginia sponsored plans allow for a state income tax deduction!  See www.virginia529.com for details.

December is the last opportunity for many of your tax planning opportunities.  Special care can be taken to create taxable income or defer taxable income based on your objectives.

Believe it or not, there are times when you may wish to accelerate taking things into taxable income.  You may have already created losses in your business or investment holdings that will allow you to take other items into taxable income at a very minimal cost.

For the majority though, tax deferral is the objective.  Cash basis businesses may make sure they have paid and are current with there vendors.  Individuals can accelerate charitable giving, realize losses by selling stocks at a loss, and create other opportunities just by timing the transaction in the appropriate year.

It is best to consult with your tax accountant for an individualized assessment of what can and should be done customized to your situation. Please feel free to call me to discuss your tax planning at 598-2500.