Planning is the key to successfully reducing your tax liability. In addition to providing tax compliance services, our tax professionals can proactively recommend strategies to maximize your after-tax income.
A few of the basic Tax Saving Strategies may include...
- Splitting income among several family members or legal entities to take advantage of lower brackets.
- Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate. It is important, however, to view the net tax liability over a period of years to see the maximum effect.
- Deferring tax liabilities through certain investment choices such as pension plans, property exchanges, charitable contributions and other similar plans.
- Using certain investments to produce income that is statutorily taxed at a lower rate or is tax exempt from federal and/or state taxing authorities.
We encourage you to consult with us before you complete any major financial transaction.