At Whyte & Associates, Inc., we get to know our clients’ respective industries and businesses exceedingly well. However, we don’t pretend to know their industry or business better than they do. Likewise, we don’t expect our busy clients to stay on top of the latest evolving minutiae and legislation related to that fact of life: taxes. Leave the tax planning to the pros.
Our Rancho Cucamonga, California team can set you or your business up for success in 2024 and beyond. In the meantime, we encourage you to consider the following food for thought before meeting with us initially. Feel free to ask about these items and any other matters!
With a bit of legwork, consistently, we can bulk up your savings by minimizing your tax liabilities.
- Have you maxed out your retirement contributions yet? You essentially have tax-advantaged monies/savings waiting for you in the form of 401 (k) or similar plans through your employer. Don’t leave it sitting on the table. Be sure to sock away even more money (as you can until you hit those limits) to account for any raises or increased compensation.
- Shed your “losers.” One of the strategies that may be employed to offset capital gains is to sell declining stocks or bonds. It is that loss that is then used to offset the tax-related gains. Such “tax loss harvesting” is subject to specific rules and other provisions. So, it is important to discuss your specific situation with our team to see the pros and cons of such a move.
- Don’t let your withholding go on “autopilot.” Take another look at the amount of money being withheld from your paycheck as documented in your W-4. To aid in planning, it may be advised to adjust your filing status and estimated deductions accordingly.
- Don’t mix out on credits that could have “dual savings.” You may be able to save on energy costs associated with your home while also taking advantage of “green” credits. These credits are related to residential energy efficiency improvements, such as installing a geothermal heat pump or solar energy.
- Seize tax-saving charitable opportunities and family “gifting.” Consider a qualified charitable distribution from an IRA or establishing a donor-advised fund. Likewise, lower one’s tax burden while lifting your legacy with options such as gift tax-free contributions to grandchildren’s 529 college savings plans.
The sky is seemingly the limit when it comes to potential strategies and opportunities to save your hard-earned money. Call (909) 575-0080 to schedule your personalized tax strategy visit with one of our talented tax professionals at Whyte & Associates, Inc. in Rancho Cucamonga, CA, today.
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