Tax season has passed, so you now only have a few more months to take tax-saving action.
So where should you start? Work with a CPA to develop a tax plan.
Tax Planning Helps You Owe Less On Taxes
Tax planning with a trusted CPA will reduce your tax bill considerably. For example, did you know that deferring a bonus, donating to charity, or even taking a continuing education class could lower your tax bill by thousands of dollars?
Even if you did know that, it’s possible that these strategies may not be as effective for you and your financial situation. On the other hand, a good CPA who is developing your tax plan will take the time to analyze your circumstances and use their extensive tax knowledge to find tax-saving opportunities specifically for YOU.
On another note, if you live in New York, New Jersey, Connecticut, or any of the other top 10 states with the highest tax burdens, you will want a CPA who is familiar with state laws and can thus help you to save at both the federal and state level!
You’ll Stay Up-To-Date With Ever Changing Tax Law
The tax code updates every year. With a CPA on your side, you won’t have to keep up with tax laws as they change. Tax planning is a yearly investment that will ensure you are implementing the latest and best strategies.
Tax Planning Now Saves You Money Later
Planning just during tax season limits the impact of tax savings you can take advantage of year-round.
Since tax planning helps you to anticipate your tax liability, you can begin to save and prepare sooner. That means no more surprise tax bills on April 15th!
Additionally, your CPA is likely limited on time during the months of February through April to delve deep into a tax plan with you. So NOW is the time to schedule your tax planning appointment!
If you are ready to FINALLY owe less on your taxes next year, contact us using the contact form on our website. After your free consultation with David Alfano, CPA and Financial Advisor, you can determine if a tax plan is right for you!