Most people think about tax planning while doing their tax returns for the previous year. By then it’s pretty much too late. The time to do tax planning is during the tax year. Work with your financial advisor and your tax preparer now to make a difference and save taxes for this and future years.
There are many strategies available that make use of the tax code to your advantage. Following are just a few for your consideration:
I. Defer Taxable Income
A. IRA – Traditional
B. 401-k for employees
C. 403b for employees of tax exempt organizations
D. Deferred Annuities
II. Exempt Taxable Income
A. IRA – Roth
B. Tax Exempt bonds
III. Tax Favored Income Sources
A. Corporate Dividends
B. Capital Gains
IV. Maximize Deductions
A. Itemizing vs Standard Deduction
B. Charitable Deductions
1. Donating Appreciated Assets for Duel Tax Savings
2. Donor Advised Fund (DAFC
C. Depreciation
V. Strategic
A. Qualified Charitable Distribution
B. Roth Conversions