Do you know what your tax consequences will be for 2017? Believe it or not, there are only two more months remaining for 2017. Did you have a high tax bill on your 2016 tax return? Will your 2017 taxes be a repeat of 2016 or will they be higher? Why not use these last two months of the year to alter your tax consequences? Once January 1, 2018 hits, there is very little that can be done to reduce your tax burden.
There are numerous ways to reduce the amount of taxes that you pay each year. Depending on your tax situation, some tax saving ideas may include making an IRA contribution, making a donation to a charitable organization which may be given either as cash or non-cash, HSA contribution, and purchasing equipment if you own a business. These are only a few popular ideas which could possibly reduce your tax burden.
A tax planning consultation with our tax professionals may utilize some of the tax saving ideas mentioned above or could possible result in additional ideas depending on your situation. If you are considering a new adventure, it’s always a good idea to meet with our tax professionals and inform us of your adventure so we can start you down the right path. Contact our tax professionals at 1-866-287-9604 and see which tax saving ideas are best for you.
Posted by Diana Dials