Even though tax filing time is far away, the fall is the perfect time to start your planning so you can take advantage of all opportunities to minimize your tax bill. That begins with ensuring you’ve taken all the deductions that can help reduce your taxable income. Have you maxed out retirement plan contributions, for example? Set aside money for 529 college savings plans or health savings accounts? Considered which charitable donations you want to make before year’s end? Those are just a few of options that might help cut your taxes.
At the same time, since tax rates for high-income taxpayers have risen in recent years, it’s also smart to investigate ways to lower the income you report this year and to avoid generating passive income. With only a few months left in the year, contact our offices today for advice on steps you can take now that will pay off on April 15.