This is the second in a series of 23 tax tips that AdvisorOne will publish on each business day in March as part of our Tax Planning Special Report (see our Special Report calendar for a more complete list of topics to be covered and experts who will deliver their insights).
When it comes to tax planning, we asked the experts to recommend strategies that many advisors commonly miss and ones that you may just need to be reminded of.
Today’s tip comes from Bernard Kiely of Kiely Capital Management in Morristown, N.J., Kiely (left) is a CFP and CPA and has been a fee-only financial planner and provider of income tax services for individuals for more than 25 years. He has been named a “Best Financial Advisor” by Worth magazine multiple times, regularly serves as a source for AdvisorOne reports, like in this article on the implications of healthcare reform last year (and profiled in Investment Advisor) and has twice been named by Accounting Today magazine as one of the CPAs to know in financial planning.
He is also a long-time member of NAPFA, where he serves as the dean of NAPFA University’s School of Taxation, and holds a BA in Accounting from Upsala College and an MBA from Rutgers University.
The Tip: Accelerate Expenses for Self-Employed Clients (and Yourself).