Target Individuals for Year-End Tax Planning
Year-end tax planning is often difficult, but this year is especially complicated due to the potential for sweeping tax reforms in the near future. Your clients will likely be looking to you, or should be looking to you, for guidance. But how can you deliver your message in a timely and efficient manner?
One idea is to distribute the 2017 Year-End Tax-Planning Letter, produced by WPI Communications. This is an effective, proven method for communicating with clients and prospects. It is low key, nonthreatening and thoroughly professional.
For convenience, the 2017 Year-End Tax-Planning Letter is divided into three sections: Individual Tax Planning, Business Tax Planning and Financial Tax Planning. For instance, if your practice emphasizes tax planning for individuals, you might want to target this audience. Consider the following points covered in the letter:
- Individuals may accelerate itemized deductions into 2017 to reduce current tax liability, but deductions are reduced for certain high-income taxpayers.
- Unsuspecting taxpayers are often ensnared by the alternative minimum tax (AMT). With some astute year-end moves, the AMT may be avoided or lowered.
- If you step up your charitable contributions at year-end, you can bolster your deduction, even for donations made in the waning days of 2017.
- Tax bracket management is critical. Parents may be able to save overall tax by “splitting income” with lower-taxed children.
- When possible, taxpayers may “bunch” elective medical expenses in the tax year when they will do the most good. Deductions are available only if you clear a tax law floor.
Be aware that the 2017 Year-End Tax-Planning Letter isn’t just for current clients. You can also use it as a prospecting tool, sending it to people who have contacted your firm in the past, but never followed up. Once they see how they can save hundreds—or maybe even thousands— of tax dollars by taking timely action at the end of the year, they will be more inclined to use your services.
This letter is prepared by expert tax professionals who know how to say just enough about the tax-planning strategies worth considering. And, if significant tax reforms are enacted late in the year, WPI will send you an update—completely free of charge.
Don’t let this unique opportunity to boost your practice slip by. Send the 2017 Year-End Tax-Planning Letter to clients and prospects in time to arrange meaningful planning sessions.
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