Issue 52.15
The holidays, while joyful and triumphant, also bring with them a bit of stress as we find ourselves immersed in crowds and sales, shopping for gifts and maybe just overspending a little on that extravagant Christmas dinner.
While the holidays are almost over, their ending brings about a new kind of stress: taxes. Tax Season is neither joyful nor triumphant, though there are a few important things you can keep in mind to reduce your taxes, and the stress of paying them in 2016.
First, there are 7 key areas on your tax return that you should be reviewing each year to help you save money on your taxes not only this year but going forward as well. Far too often, we take our records to a CPA or other tax professional who prepares our taxes as we’ve recorded them. This tax season, take the extra time to plan for the future taking into account not only your retirement income but also your various savings and investments.
One of the Five Crossroads we review with our clients and those who come in to visit with us is Tax Reduction and we review your tax returns to plan ahead for your future, helping you take control of your taxable and tax-deferred investments, potentially moving your money into tax-free accounts and designing a more tax-efficient plan for you.
We recently had a client interested in reducing their taxes sit down with us. We worked closely with one of our partner CPAs to review their tax return, their savings and investments, and using their income needs as a starting point, we were able to design a tax reduction strategy that will enable them to pay less in taxes each year going forward.
If you believe taxes are only going up, there’s no better time than the present to sit down and go through our Tax Reduction crossroad. Our clients save hundreds, even thousands, each year after we go through the tax reduction process with them.
Find out how you can potentially reduce your taxes by calling our office at (435)773-9444 and scheduling a time to sit down with one of our retirement guides. To learn more about how we can assist you, visit www.yourretirementincomeguide.com