Do you think your CPA has you covered? Most people think so.

But is your CPA taking full advantage of deductions, retirement strategies, and location specific policies that could reduce your taxes by thousands of dollars? Probably not.

At Alfano & Company, we recognize that the solution is simple – tax planning. If you’re new to tax planning and would like some guidance as to whether or not this solution could benefit you, consider the following:

What is tax planning?

Tax planning involves assessing your current tax situation to discover unexplored opportunities that will likely reduce your future tax liability.

Who needs it?

Everyone, really, should consider working with a CPA to develop a tax plan. But tax planning is especially beneficial to those who fall under the following categories:

  • Self-employed
  • Business Owner
  • Recently experienced a…
    • Life-changing event (birth, marriage, death in the family)
    • Dramatic change in income
    • Move to another state
    • Child attending college for the first time

Why is it beneficial?

A strategic tax plan, when implemented efficiently and effectively, could help you pay thousands of dollars less in taxes each year. Think of all the ways you could use that money!

When should a tax planning begin?

Ample time is needed to analyze your current and future tax situation, devise a plan, and execute the strategies, especially depending on the complexity of the tax situation. Therefore, the plans must be ready before December 31st of the current tax year. We recommend working with a CPA a few months prior to year-end to ensure that enough time is available to implement the tax strategies.

Remember, just about every year the federal government makes adjustments to the tax law. Depending on the change, you may need to take some type of action before the changes are enacted, or it may be beneficial to wait until the following tax year until a new law is in effect.

Essentially, the earlier you consult with a tax professional about the ongoing tax landscapes, the greater the possibility of savings.

What now?

After reading this, you may feel like a tax plan is exactly what you need! If so, take advantage of a strategy session at Alfano & Company. During this 30-minute meeting, we’ll work with you to identify potential savings and determine if a tax plan will be a worthwhile investment! You can schedule it here.