Tax Strategies

pstrongGrandparents can help with college and lower taxable income./strongbrbrA grandparent helping their grandchild pay for college can be a win all around. When a grandparent that contributes to a 529 savings plan, it lowers assets within the grandparent’s estate.

pstrongTax planning is the practice of analyzing multiple tax options to decide how you want to operate your business as well as your individual transactions to minimize or wipe out your tax liability./strongbrbrMost small business owners are good at what they got into business for and overlook the importance of tax planning.

pstrongWith a working knowledge of how mutual funds are taxed along with some diligent bookkeeping, you can reduce the amount your mutual investments are taxed on.

pstrongWhat's type of loan is ideal for big ticket items?/strongbrAn equity loan is best for those who own their home. Interest paid that comes from credit card debt and auto loans are not eligible for reducing your taxable income. However, you can use the interest from an equity loan on your home to reduce your taxable income.

pstrongGreat tax management is keeping and receiving all the money you’re entitled to while meeting your legal obligations.

pstrongThe best way to plan for taxes is to start at the beginning of the tax year.

pstrongFor most newly divorced people, doing taxes the following year after the divorce brings up important questions that can be stressful.

pstrongYou may be able to elect a tax year that suits your business; how will you choose?/strong/ppThe IRS requires your business to determine your taxable income based on your tax year and file a return accordingly.

h4strongIt’s important to know what your tax obligations are when starting out as well as how you can keep as much of your hard-earned money as you can./strong/h4pIf you’re already, or becoming, an independent professional with high overhead expenses but without a storefront per se, such as a carpenter, mechanic, locksmith, photographer or videogra

pspanThe several tactics listed below help you meet all your tax obligations while keeping as much of your income as possible. If you have any questions about any of these tactics, we’re more than happy to help. We understand each person’s tax and financial situation is unique to them.