Make Tax Planning a Year-Round Priority: Tips to Maximize Your Savings

tax planningDon’t wait until the last minute to plan for taxes. Stay ahead of the game with these tips you can follow alongside your tax adviser throughout the year.

Personal tax issues:

  • Timing is everything. Delaying taxation when possible can mean more savings and keeping more of what you earned.
  • Capital gains and losses: Don’t miss out on opportunities to offset gains with losses. Unused losses can even be carried forward.
  • Charity contributions: Consider contributing appreciated stock instead of cash to maximize your deduction benefit and avoid paying taxes on gains.
  • Secure your retirement. Catch up contributions to retirement plans can benefit people 50 and over. Talk to your adviser for the best option.

Business tax issues:

  • Get the most out of any qualified retirement plans. Consider contributing to an IRA to save money in the long run.
  • Control wages through year-end bonuses to protect your business and personal interests.
  • Maximize your deductions. Whether it be using personal automobiles for business or having a home office, make sure to review the rules thoroughly to reap the benefits.

Don’t be caught off-guard by the alternative minimum tax and other surprises. Take advantage of these tips and more that apply to your situation. Contact us in the coming weeks and let us help you save.