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Year Round Planning

Year Round Planning

Taxes aren't just about meeting the April 15th deadline.  Establishing a year-round tax planning can help you achieve your financial goals.  You may be just starting your career, or transitioning to a new job, building a nest egg, saving for college or planning for retirement. The guidance from a CPA becomes is key in getting the most from your financial resources and charting the course to financial security.

Tax Savings Tips

If you itemize your deductions, consider donating money or property to charity before the end of the current tax year in order to increase the amount you can deduct on your taxes. As an aside, now is also a good time to consider making noncharitable gifts. If you gift an appreciated asset, you won't have to pay tax on the gain; any tax is deferred until the recipient of your gift disposes of the property.

To reduce your taxable income this year, consider maximizing pretax contributions to an employer-sponsored retirement plan such as a 401(k). You won't be taxed on the contributions you make now, and you may be in a lower tax bracket when you do eventually withdraw the funds and report the income.  

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