Almost everyone who makes an income in America needs to pay taxes. The more money you make, the higher the dollar value of your taxes. Working with an experienced financial advisor to analyze your taxes and complete income tax planning strategies can reduce your tax liabilities in stages throughout the year. The dedicated team of professionals at Trapp Financial will review your tax return to determine if there are opportunities to save on taxes. In addition, the team will review how much tax may be withheld on your investments if you are using them as an income stream.
When you work with a Embolden Wealth Management professional, we start by evaluating your income streams, including investments. We then determine how much money may be withheld and what write-offs you can take for tax-filing season. The tax planning strategies depend on your specific goals, your current and projected finances and the estate plan you have in place or wish to put in place.
The time to start saving on taxes is January 1st of the year you file for. Decisions you make throughout the year can affect how much you owe federal and state governments. When the tax-filing season comes around the following year, it will already be too late to take advantage of these strategies, such as donations or even investing in solar. You also don’t want to wait until it’s too late to plan ahead for estate taxes for your beneficiaries.
If you’re ready to start working on your tax plan, we’re here to help you. Contact us today for more information.
Embolden Wealth Management and LPL Financial do not provide legal or tax advice. Please consult your legal or tax representative regarding your specific situation