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Thumb of Michigan | Along with what has been said above. Have him do future tax planning (10+ years), not just how low you can get them for this or next year. I found that this is one of the biggest failures (future budgeting is affected).
IF you have retirement funds, discussing RMDs/Roth conversions should be included in this future planning. November's election could have a bearing, so have a check-up thereafter to update your future planning, should be scheduled accordingly. We already know that your individual tax rates could change on January 1, 2026, but corporate tax rates could be changing sometime too.
The object is not to just lower you taxation for 1-2 years, but the total potential taxes paid for the next 10 years. Example: corp tax rates are ~21%, one candidate wants 28% one 15%. We have a 12%, 22% and 24% for this year and next, then they will be 15%, 24% and 28%. Capital gains are 0%, 15% or 20% (depreciated equipment could be taxed at one of these rates). | |
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Retirement meeting with my accountant
