Tax planning is a procedure for reviewing various options for conducting business and personal transactions to reduce tax liability.
Tax planning may result in substantial tax savings.
We will discuss ways to reduce tax liability:
– Income that is subject to taxation
– Making the most deductions and tax credits
– How investing impacts tax planning
– Tax savings through retirement contributions
– Education incentives
– Business and tax planning
– Strategies for the self-employed taxpayers
– Estimated tax
Great works are performed not by strength but by perseverance.
~ Samuel Johnson
This week we complete our series on the value-added tax planning services which are perfectly suited to do during the off-season months.
Many taxpayers often review tax planning strategies after the New Year. Before you say goodbye to 2014, there are several tax savings strategies that you may be able to implement now. If you wait until after December 31st, it will be too late.
Investors can reduce their taxable income by realizing capital losses. After netting capital gains against losses, taxpayers can offset up to $3,000 of ordinary income and carry-forward the remaining amount for future years. Please note that the character of the investment as long-term versus short-term will impact the way in which gains and losses are netted.
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