The Cowboy: Give Your Bonuses and Gift Your Assets before the New Federal Tax Regulations in January
Hey Pardners, the end of year is fast approaching and I am attempting to make some sense of the federal tax changes and regulations that are going to happen. I can tell you that some of our clients are planning to take pretty big bonuses in December to move some of the earnings they would normally take in 2013 into 2012, and then adjust their wages and compensation down for the New Year. The income tax rates are going up in 2013 for those making more than $200,000, or $250,000 for married couples.
Another thing you might want to think about is gifting assets to your kids before year end. I’d say get with your tax planner ASAP to make sure you got your ducks lined up for these new federal tax regulations.
Miss Mary: End-of-Year Management Checklist for Small Businesses
You brought back a memory when you were talking about gifting to kids. Growing up in Virginia to parents from the mountains, I didn’t know children/kids were known as anything other than “young’uns.” Well enough strolling down memory lane. Yes, gifting and bonuses in December is an excellent idea.
I also saw a great article lately that was a check list for management and business in the end of the year. I thought I’d give some highlights and then decided to just put the link here. Best advice of all is, just like The Cowboy said, get with your tax planner as soon as you can. Here’s that link: http://centerforproductivity.com/time-management/year-end-checklist-small-business