Individual Tax Planning
Optimize your tax situation prior to reporting it.
Tax Planning for Individuals
The tax code is obviously complex. Its menu of terms always changing. One year
we need to be aware of “Opportunity Zones” the next “Mega Back Door Roth IRAs” and the year after that, “Qualified Charitable Distributions”. Then, as soon as you learn what all these things mean and how they can benefit you, a new
administration takes over and “simplifies” half of them to oblivion while introducing new head scratchers like “SALT Limitations”. But even worse, the rules are also dynamic. Taking advantage of one tax break could eliminate another more lucrative opportunity somewhere else, or even somewhen else in a future year.
How can you possibly keep up with all this and make the right decisions? On your own, you almost certainly can’t. We know this is true because we regularly see relatively minor errors on self prepared returns that have cost taxpayers thousands of dollars. The particularly sad part about this is that if we discover the error more than three years after the return was filed, the IRS will not allow us to amend to recoup the overpayment. Contrast this with an error made in your favor and the IRS can chase the money you owe them for 10 years.
The solution is to maintain your tax and financial health the same way you maintain your physical health; with periodic checkups and counseling. We offer
comprehensive tax planning for personal financial matters, including real estate
investments and also business entities.
Contact us after the April 15th filing deadline to get Tax Fit before the end of the
What We’re Talking About
Every year, the Taxpayer Advocate Service submits a mid-year report to Congress that outlines serious problems facing taxpayers and makes recommendations on how to mitigate those problems. This article outlines the main takeaways from the report and solutions for the next filing season.