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KSM Blog | Katz, Sapper & Miller CPA

Tidy Up Before the New Year: Complete This 2017 Year-End Checklist

Posted 5:00 AM by

With the holidays quickly approaching and schedules filling up with activities, it is easy for business-related items to slip through the cracks. To help keep you on top of your to-do list, we have created a year-end checklist to ensure you are making the most of 2017 before ringing in the new year. 

Hospital Tax Planning:

  • Purchase equipment and place it in service by Dec. 31 in order to accelerate depreciation write-offs.
  • Review the current fixed asset listing and remove any equipment that has been disposed or abandoned.
  • Complete the year-end physical inventory count.
  • Review aged receivables and determine if any amounts should be written off.
  • Report personal use of company-owned automobiles on your W-2.
  • Include shareholder health insurance premiums on your W-2 (not subject to FICA) if you are a greater than two percent owner of an S corporation.
  • Consider including company-paid disability insurance premiums on your W-2 as taxable.

Retirement Tax Planning:

  • Maximize your traditional and/or Roth IRA contributions.
    • The 2017 maximum for under age 50 is $5,500.
    • The 2017 maximum for over age 50 is $6,500.
      • Please note that there are income limitations for Roth IRA contributions. Please consult your tax advisor with any questions. 
    • Maximize employee and/or spouse retirement plan deferrals.
     Maximum Contributions
     Under Age 5050 and Above
    Simple IRA$12,500$15,500
    401(k)          $18,000$24,000
    • Maximize Health Savings Account (HSA) deferrals.
     Maximum Contributions
     Under Age 5555 and Above
    Individual Coverage$3,400$4,400
    Family Coverage          $6,750$7,750

     

    Individual Tax Planning:

    • Make contributions to your 529 college savings plan.
    • Consider paying your fourth-quarter state estimated tax payment by Dec. 31 if it will save you on federal income taxes on your 2017 tax return.
    • Discuss your 2017 tax projection with your CPA to keep from encountering any tax surprises in April!

    Please be sure to consult your tax advisor if you believe any of the above may apply to your tax return. It is also important to note that tax laws may change in the coming months. If the laws do change, the above recommendations may need to change accordingly. Happy Holidays!

    About the Author
    Terry O’Neil is the partner-in-charge of KSM's Veterinary Services Group. With 30-plus years of experience, Terry provides veterinary practices with the business, financial, and tax advice to assist with their growth and management. Connect with him on LinkedIn.
     

    About the Author
    Beth Scott is a director in Katz, Sapper & Miller’s Veterinary Services Group. Beth's experience includes tax planning and compliance, financial statement analysis, forecasts and projections, establishing accounting systems, and key performance indicator reports. Connect with her on LinkedIn.
     

    About the Author
    Ali Todd is a director in Katz, Sapper & Miller’s Veterinary Services Group. Ali works closely with clients to prepare client financial statements, tax returns, and business plans as well as provide general business, consulting, and accounting services. Connect with her on LinkedIn.

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