Can you believe that 2020 is right around the corner? Sometimes it seems like only yesterday the Y2K bug had people freaking out about elevators never working again, computers around the globe short circuiting and the world as we knew it generally coming to an end. Oddly, amidst all that chaos, we still managed to belt out “Two-thousand-zero-zero party over, oops, out of time” at the top of our lungs as we ushered in the new millennium. Thank God for Prince, right?
Those that used the impending apocalypse as an excuse not to plan were left with a big “now what?” thought bubble over their head when it didn’t pan out. The point is this. Planning is important. Setting goals is important. Taking time to re-evaluate what you want your future to look like is important. The end of the year is the perfect time to dig into this stuff. Here at The Innovative CPA Group, we help a lot of people with tax planning, and that’s cool. We like doing it. But more so, we love helping people and businesses hone-in on and realize much larger goals that encompass far greater than even the best tax plan ever could.
Here are 4 other plans you should consider when doing your year-end tax planning:
- Re-evaluation- Where is your business now? Where are you looking to take it? Let’s talk about what fires you up.
- Do you have specific business goals? If not, let’s set some
- Strategize- Let’s brainstorm and formulate a plan. Consider doing a SWOT analysis
- Implementation- Let us connect you to others that can help get you to your destination
- College Savings
- Debt Paydown
- Income protection
- Let’s optimize your business and tax planning to help get you there
Asset Protection Plan
- Do you have adequate insurance coverage? If so, are you paying too much?
- Is your business structured in a way that protects your personal assets?
- Do you have a plan in place to transfer assets to loved ones in the event of an untimely death?
- Consider setting up trusts, getting a living will in place, gifting money in tax-conscious ways
Looking at these 4 areas in conjunction with your year-end tax plan can jump start your new year. As proponents of the team approach, we would be happy to refer you to professionals in the fore-mentioned areas to get these must-have plans in place.