Your Rancho Cucamonga tax accountant has strategies for tax planning

There’s something to be said for planning ahead. This can be especially true where taxes are concerned. Many people struggle year after year, enjoying their holidays only to find that the tax bill that comes in shortly thereafter will be difficult to pay.

The Rancho Cucamonga office of Whyte & Associates is a wonderful resource for residents of the Inland Empire who would like to benefit from the expertise of a tax accountant. With just a little effort, we can help you put into place tax strategies that can lower your year-end tax liabilities. What we do for our clients is inform them and interact with them by offering sound advice and information on tax laws that pertain to them. With a personal tax planning strategy, you may be able to increase your bottom line.

Tax planning strategies aren’t just for corporations or business owners

Most people can benefit from having a good tax planning strategy. We often meet with people who are surprised and disappointed to learn that they have been overpaying simply because they did not know how to structure and plan accordingly. We understand tax law and we also make the law more understandable to our clients.

There are a number of opportunities you may be missing if you do not have a good tax planning strategist working for you:

• Claim all appropriate deductions. Due to stories about people doing jail or prison time for illegally and unethically claiming luxury items as deductions, many average people are afraid of possibly falling into the same mistake. A tax planner knows what is legally allowable in your situation and can help you see a difference in your total taxable income by claiming the maximum allowable deductions.
• Withholdings. Most people have a certain amount of income tax deducted from every paycheck. The amount of this withholding will directly impact how much you pay or get back come tax time. A strategist will work with you to set realistic tax expectations and adjust withholdings accordingly. Withholding more from your paycheck does not always pay off. Every situation is different and there are some in which minimizing the withholding is actually more advantageous.
• Tax credits. Many people do not even know what their allowable tax credits are, costing them money in taxation.
• Managing income. Your tax rate is determined by your income and other factors. The more you earn, the higher your tax rate. Earning less is not a suitable way to pay less taxes, as this cuts into your quality of life. A tax planning strategist can discuss how to save money through contributions and investments.

Whyte & Associates has been serving the Inland Empire for decades. Call (909) 575-0080 to speak with an experienced tax accountant.