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Tax reduction preparation starts now

Now is the time to make end of year adjustments to decrease your taxes.

 

Decreasing taxes or not paying taxes at all is a hot topic in the US Presidential campaign, so everyone should be aware of the potential to reduce taxes legitimately.

 

Taxes are not based on your gross income, but on your taxable income. Your taxable income is lower than your gross income. There are allowed deductions, sometimes called ‘write-offs’, that you can use. For the average person, the standard deductions are probably all the options available to them.

 

Ideally tax reduction planning should begin on January 1st. Investments, mortgages, charitable donations, etc. should be considered relative to their tax reduction benefit.

 

Start calculating what your year-end taxable income will be and start making changes to reduce the amount of tax you will owe.

 

Start right now to prepare.

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