True Simplification for your Year-End Tax Planning




Photo by Daniel Smyth

It can be difficult to fully understand and assess all of the complexities that are involved with year-end tax planning. Without the know-how of an experienced tax expert, you and your business have the potential of missing out on valuable benefits. Fortunately, professionals such as Curt Wenzler, shareholder and CPA for VonLehman CPA & Advisory Firm, help eliminate this unwanted stress. 

Wenzler’s 28 years in public accounting has taught him the knowledge and capability to successfully guide his clients through their tax planning. He references hurdles that companies can face while considering their year-end tax planning. One obstacle is the change in tax legislation, or as Congress refers to it, tax simplification. Unfortunately, Wenzler says, “These changes are not simple.”

It takes time for even tax professionals to absorb and understand the changes and learn the best way to apply them to their clients. Another impediment is the pace in which Congress acts on legislation. In 2014, the tax extender legislation didn’t pass until December. This hinders a company’s ability to plan, since it doesn’t allow time to digest the legislation for the entire year. It appears that the same will be true in 2015. Congress proposed the tax extenders in July but nothing has become law. Understanding the impact on your business allows a company to better plan for their future.

“Bonus depreciation, Section 179, and Work Opportunity Tax Credits are all things that could drive businesses to buy more assets and employ more people,” Wenzler says. “Unfortunately they are not guaranteed of its existence until the tax legislation passes.”     

Wenzler helps his clients navigate this arduous terrain. “We look at the history of what Congress has done in the past in terms of bills being passed,” he says. “We are able to provide our clients probabilities of what might be available to them.

“We also recommend that people begin as early as possible gathering their tax information. We suggest no later than November. The more organized you are, the easier it is to react to the changes in legislation at the end of the year.”

The Affordable Care Act will also have a crucial impact on company’s taxes. “Each year more pieces of the Affordable Care Act are implemented,” Wenzler says. “If companies are not involved in compliance with this they are going to be under the gun come next tax filing time. It is important that they be accumulating this information now.”

It’s the challenges in Wenzler’s work that drives his passion. “Helping a client grow through their acquisitions is a challenge but one which is very rewarding,” he says. “As my clients’ businesses grow, they turn to me for advice. They are calling outside of just doing their taxes because they value my opinion. This is one of the best parts of my job, being a part of my client’s team of advisors.”

The tax code grows every time legislation is passed but you reduce anxiety knowing that there are professionals such as Wenzler and the team at VonLehman to help simplify what is not so simple.

VonLehman CPA & Advisory Firm has offices in Kentucky, Ohio and Indiana. You can reach them at 800.887.0437, by email at info@vlcpa.com or visit their website at www.vlcpa.com.