At Whyte & Associates, we help you avoid the panic associated with tax liabilities at the start of the year, the busiest and often costliest time – right off of the holiday season! Our team of seasoned accounting professionals partners with individuals, families, and organizations from Claremont, California, and the Inland Empire throughout the year. We get to know our clients and their financial circumstances in doing so. So, we can design sound tax planning strategies. By the time year-end rolls around, there will be no unpleasant surprises in higher-than-expected tax liabilities.
We will discuss and craft potential systems well before the year’s close to minimize headaches, unnecessary costs, and overall exposure to tax-related risks. Consistent, clear communication throughout the year can aid in developing and adjusting strategies. Our team can better support accurate, complete filing, cost containment, and efficient management of one’s personal or business finances.
Generally speaking, strategies may include:
- Checking on and adjusting withholdings as needed. As your partners in financial health, we can check to see if you have been withholding the correct amount. Too few allowances or too many allowances can either get a refund or pay taxes at tax time. We can advise if you have been withholding too much or too little and adjust the allowances claimed accordingly.
- Maximizing the tax benefits associated with retirement savings accounts. Are you getting the most out of IRAs or 401 (k) plans through your workplace? We can guide you through the maximum IRA and 401 (k) contributions allowed in the current tax years. Even if you can’t put the maximum contribution toward each account, we encourage you to at least put in the amount that your employer is willing to match. It’s been said there is no “free lunch”; however, this feature of savings plan design may very well be the next closest thing to it!
- While we’re at it, let’s maximize any deductions or credits! As tax and accounting professionals, we are well-versed in the latest changes to deductions or credits or new opportunities for our clients to minimize their tax liabilities. We know what you are eligible for as a taxpayer, partly because we have stayed on top of any changes that could result in your being able to take advantage of specific tax savings. Itemized deductions, for instance, include everything from medical and dental expenses, to investment interest, to qualified mortgage interest and contributions to charities. We may even recommend “bunch” deductions, a strategy to maximize the value that taxpayers get out of their deductions – especially in areas such as medical expenses that require crossing a minimum threshold (based on your Adjusted Gross Income) to itemize those deductions.
We are just scratching the surface here about ways to set our clients up for tax success at year-end and year-round. Keep in mind that these generalizations may apply to all sorts of taxpayers; however, there is no situation quite like yours. So, we emphasize personalized attention and highly customized tax strategies. Call us at (909) 575-0080 to start the process to a more smooth and less costly “tax time” today.
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