We all dread April 15th, the date our income taxes are due. Unfortunately, many of us plan for our personal tax liabilities after there is not much we can do about it.
However, if we begin our following year’s income tax plan right after we pay our current taxes in April, we have a chance to limit the amount of taxes we pay by planning in a meaningful way.
There are actions we can take that will help us limit the amount we pay Uncle Sam at the end of the year. Whether we use strategies like “loss harvesting” with our investments or whether it means making a decision of how much money we should save in our 401(k) plans.
Making your life better often involves us helping you find extra sources of cash to fund activities you think are important. By working with your tax preparer, we might help you find ways to save taxes—utilizing extra cash to use for purposes that are more attractive than tax payments.
One of the Personal Tax Planning activities that our Clients often appreciate is helping them find a tax preparer that fits in with their goals and personalities. We believe that having the right preparer working with you can make your life better and reduce the amount of stress you might have with regard to income tax preparation and payment.
Some of the Personal Tax Planning activities we work with you on are:
- Help you choose a tax preparer that will take a proactive look at your personal income tax situation.
- Help you understand what your retirement plan options are at work.
- Help you analyze your health insurance program to determine any potential tax savings.
- Help you start your tax planning early enough in the year so you have an opportunity to make changes in your situation, if needed.
- Help you understand how home ownership can affect your personal tax situation.
Many people we work with are afraid of the IRS. We will help you understand what your tax risks might be and whether or not you need to deal with the IRS. Frequently, these activities do not include any direct contact from you. Knowing this will often lead to less stress and a better life.