As the calendar year winds down, you may be thinking about ways to lessen your tax burden. It’s never too late to begin tax planning, and these simple strategies can get you on the right track, beginning today.
Explore All Credits and Deductions You’re Entitled To
Tax laws change frequently, so that means the tax credits and deductions you may be eligible for may change too. Catch up on the latest changes to make sure you are employing all appropriate credits and deductions that you personally or your business may be entitled to. Keeping good business records helps verify your eligibility and determine your ultimate savings.
Use Deferred Income Options
By deferring some of your income, you’ll reduce the amount of taxable income and lower the amount of taxes you’ll pay. There are several kinds of tax deferral products to choose from, including annuities. Your tax planner can help you determine which ones fit your financial situation based on your liquidity needs and business goals.
Hire a Professional Tax Planner
It’s nearly impossible for the average person to keep up with all of the possibilities when it comes to leveraging tax savings opportunities. When you hire a tax planning professional, you’ll get advice based on experience to avoid the pitfalls of unexpected tax penalties and fines.
Are You Interested in Better Tax Planning in Las Vegas Valley?
S.J. Meyer & Co. delivers superior accounting and auditing, tax planning and preparation, and business set-up and planning services, as well as Quickbooks consulting. Our team of top-rated financial professionals has earned a stellar reputation for attentive service and dedication to our clients’ needs. We welcome your questions about wealth management, estate planning, business taxes, S corp tax planning and more. Contact us today to see if our tax planning services are right for your company.
Dedicated Tax Planning Help for Las Vegas Valley Businesses
Serving Las Vegas Valley, Summerlin & Henderson