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The following are some of the areas where proper tax planning can save
you a lot of money on your taxes. If any of these areas apply to
you, we will offer techniques to take advantage of credits or deductions
that you may be missing out on. We will also offer ideas to reduce
your overall tax liability.
- You own a self-employed Schedule C business. There are many
ideas that can reduce your self employment income and therefore your
SE tax. Self employed taxpayers not only pay federal income tax
at rates as high as 35% but they are also subject to an additional
15.3% in self employment tax along with state income taxes.
- You own a rental or a second home. You may be able to sell
your rental or second home and pay zero capital gains tax.
- You own stock or mutual funds. We can show you how to
minimize taxable capital gains distributions
- You have high income and you are phased out of education credits
for your dependent children.
We can show you how to utilize these credits.
- You are under the AMT. We may be able to reduce or
eliminate the AMT hit.
- You have stock options. It is important to understand the
tax implications of exercising stock options and how tax planning can
reduce your tax.
- You have college age children.
- Do you have a son or daughter who is 19 or older and lives with
you but no longer qualifies as your dependent? There are
techniques to utilize your son or daughter and reduce your overall
family tax
liability.
- If your income is relatively low, you may be missing out on some
credits. With proper tax planning you may be able to claim these
credits.
- If your income is to high for a Roth IRA, we can show you how you can
still contribute to a Roth IRA even though you are above the income phase out.
- Capital gains rates are zero for some taxpayers through 2010.
You may be able to take advantage of these zero capital gains
rates no matter how high your income is.
- If you make cash contributions to charity there are techniques
that can reduce your tax liability.
- If you have disallowed passive losses on a rental that you would like
to utilize, we can show you how to accomplish this.
- Be aware of the kiddie tax and the ramifications, you can avoid
paying this tax.
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