Before December 31
Tax planning that happens before the year ends
Most tax-saving decisions have to be made during the year, not at filing time. We look ahead with you so there are fewer surprises in April.
What we look at
- Timing: when to take income or pay deductible expenses
- Retirement savings: 401(k), IRA, SEP and other options for you and your business
- Withholding and estimates: setting payments so you don’t overpay or face penalties
- Entity selection: Sole Proprietor, LLC or S-Corporation, and when to switch
- Life changes: marriage, children, a home purchase, a move to or from Virginia, or retirement
- Investments and equity pay: stock sales, RSUs and capital gains
When to plan
The best time is the fall, while there is still time to act before December 31. Planning also makes sense any time something big changes: a new job, a business that has grown, a property sale or an inheritance.
Self-employed? Read our guide to quarterly estimated taxes in Virginia.
Tax planning FAQs
What is the difference between tax preparation and tax planning?
Preparation reports what already happened. Planning looks forward and changes what happens, while there is still time to act.
Is tax planning only for businesses?
No. Families with investments, equity compensation, rental property or a big life change often benefit just as much.
Can you guarantee a lower tax bill?
No one can promise a result, because it depends on your situation and the law. Our job is to show you your options and their likely effect, so you can decide with clear numbers.