Managing your personal finances can be stressful, especially at tax time. Many Upland, CA residents find themselves frantically searching for a “tax accountant near me.” If you are among them, you have just found your answer! Whyte & Associates, Inc. is in Rancho Cucamonga, California, just minutes from Upland. We are proud to offer a personal tax planning and filing, as well as a full suite of business services. Whatever your needs, you can count on Steve Whyte and his team.
Imagine you made two large charitable contributions, exceeding
the deduction limit for this year. You do not plan to donate again, so you will
have no charitable contribution deduction in the next tax year. Now imagine you
had consulted a personal tax accountant in advance and worked out a plan to
divide your philanthropy between two tax years. This scenario is just one
example of the countless ways that tax planning can save money and give you
peace of mind.
A few of the questions we can help you answer include:
- Major expenditures – How
much, if any, of the amount is tax deductible? Would the deduction be more
benificial in this tax year or the next? If the expense were divided between
tax years, would the total deduction be greater?
- Retirement savings – Are you
eligible for a ROTH IRA? If so, is it a better choice than a traditional
IRA? How much of your IRA contribution is deductible? Will your current
level of contribution support your expenses during retirement?
- Investing – How will
investment income affect your taxes? What is considered ordinary income,
short term capital gain, or long-term capital gains? Should you hold an
investment longer before selling? If you incur a loss, will it lower your
- Credits – Who qualifies as
a dependent? Can the parent get a tax credit for a dependent child’s tuition?
Do you get a “green” credit for your electric car or home solar system? What
other credits might you qualify for?
How we can help you
It is never too soon, or too late, to begin tax planning. Just give us a call at (909) 575-0080 to find out what we can do for you.
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