Tax Planning

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One of the most important and overlooked financial move that you can do is engage in regular tax planning, either with you tax professional or on your own. Understanding where your taxes will wind up is important for evaluating decisions related to investments, timing of charitable giving, and certain purchases.

Tax Planning by Tax Professionals

Many financial decisions have a tax implication, and the timing and methodology of the payment may impact that tax implication. Tax planning is the method by which we sit down with our clients and help them understand the implications of their actions, helping them make better informed decisions. Tax planning can help you engage in tax avoidance, by arranging your business affairs to minimize your taxes due.

While clients get most excited about seeking out some previously unknown tax credit or tax deduction, really successful tax planning focuses more on understanding your income stream over time and managing it to minimize your tax burden. Because the tax code marginal rates rapidly climb from the 10%-12% range to the 22%-24% and then the 32%-35% ranges, understanding how to smooth out your income over the years can help you avoid overpaying. If your income fluctuates heavily, you might find yourself paying substantially higher taxes than you would if your income were more steady, regardless of deductions and credits.

When it comes to retirement savings, deferred income plans, 529 Educational plans, or HSA Accounts, knowing how to shift your taxable income from your highest earning years into your lower earning years is critical to lowering taxes. The main concept behind deferred taxes with 401(k) and IRA style accounts is that you will have less income in retirement and therefore be at a lower tax brakcet.

All of our accounting packages, focus on compliance, planning, and reviewing your compliance with the plans. By integrating tax planning with monthly bookkeeping and accounting, we can help you adjust your moves throughout the year. With dedicated blocks of time for your semi-annual planning, we try to minimize the disruption to the rest of your life while keeping your planning on track.

Foreign Tax Issues for US Citizens Video

By |2022-12-16T10:46:25-05:00June 11th, 2021|Categories: #FinanceFriday|Tags: , , , , , , , , |

Today on Finance Friday, we discuss foreign tax issues for US citizens with Andre Benayoun JD, BBA. Andre is one of the most brilliant people I know; he is a partner at Marcum Accountants & Advisors and a family friend.

Adoption Tax Credit

By |2021-06-03T13:47:23-04:00June 3rd, 2021|Categories: #TaxTipTuesday|Tags: , , , , , , |

To kick off Pride Month, we're bringing you a special tax tip Tuesday. On this one, we are going to go over the adoption credit. Now, obviously, the adoption credit applies to anyone who adopts a child. It is not strictly for the LGBTQIA+ community. It applies to everyone, but the LGBTQIA+ community does tend to make good use of this, so I wanted to do a high-level overview of the credit.

Robo Advising and Investing and Artificial Intelligence (AI) on #FinanceFriday with Roy Esh

By |2021-03-30T23:39:17-04:00March 11th, 2021|Categories: #FinanceFriday|Tags: , , |

Roy Esh discusses investing and wealth management in a world of Robo Advisors, Artificial Intelligence, and scandalous actions like Robinhood Markets.

Outsourcing Accounting Video

By |2021-02-25T15:13:00-05:00February 23rd, 2021|Categories: Quickies with Bette|Tags: , , , , , , |

Today we will discuss how you can better enjoy your life by outsourcing accounting. Welcome to your Monday morning at Business Quickie with Bette. How can a service like outsource accounting help you enjoy your life? Well, I will tell you.

Taxes When Married

By |2021-05-12T23:30:25-04:00February 10th, 2021|Categories: #TaxTipTuesday|Tags: , , , , |

Valentine's Day is not that far off, so I figured what could be more romantic than a discussion about taxes. Maybe not actually the most romantic discussion, but marital strife around finances is one of the leading causes of divorce. So, even though it might not seem romantic, it could be super beneficial to your relationship if you actually go ahead and figure out how you want to file your taxes.

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