September means that year-end income tax planning is upon us.  Now is the time to take steps that will make a difference in the entity ("S" corporation, LLC and partnership) returns due on March 15, 2015, and in your personal return due April 15, 2014. 

          For those of you with closely held businesses, boring is still good: a properly structured defined benefit pension plan is the best and safest way to create deductions that favor the shareholder-employee.  If your defined benefit pension plan is not all that you think it should be, have us review it for you; too many people leave it up to only an actuary or pension consultant. 

          For those of you without closely held businesses, recognize that taxes are an enforced extraction to support programs with which you might not agree.  Would it make you happier if you suffered the same extraction but the funds went to programs with which you agree?  If so, there are a variety of charitable vehicles which may not make you economically better off, but which will make you emotionally more satisfied, including charitable lead annuity trusts (in combination with your own private foundation) and charitable LLCs.

          For those of you in the process of selling appreciated property, the sooner we talk before the transaction, the more (and more attractive) alternatives we have to discuss as to the tax results.

          Best regards,