Year-End Planning
Year-end tax planning, as you might expect, typically takes place in October, November, and December. At its most basic level, year-end tax planning generally looks
October 22, 2021
No Comments
Tax Center
The goal of income tax planning is to help minimize your federal income tax liability. You can achieve this in different ways. Typically, though, you’d look at ways to help reduce your taxable income, perhaps by deferring your income or shifting income to family members. You should also consider deduction planning, investment tax planning, and year-end planning strategies to help lower your overall income tax burden.
Postpone Your Income
axes. And when you eventually report the income, you may be in a lower income tax bracket. Certain retirement plans can help you postpone the
October 22, 2021
No Comments
Shift Income to Your Family Members
You can also help minimize your federal income taxes by shifting income to family members who are in a lower tax bracket. For example, if
October 22, 2021
No Comments
Deduction Planning
Lowering your federal income tax liability through deductions is the goal of deduction planning. You should take all deductions to which you are entitled, and
October 22, 2021
No Comments
Investment Tax Planning
Investment tax planning seeks to help minimize your overall income tax burden through tax-conscious investment choices. Several potential strategies may be considered. These include the
October 22, 2021
No Comments
