Report – Proactive Tax-Saving Strategies
With Donald Trump’s tax plan now in full effect, reforms to your taxes can affect you. But, new tax laws are always being enacted or proposed, so being out of the loop should never be used as an excuse to prevent you from taking a proactive approach to tax planning. The chances are slim that any tax-saving moves you make now are going to be nullified by anything that happens on Capitol Hill, so it would be good to meet with your CPA or financial advisor this year (as it is every year) to talk about potential savings strategies as they exist under current tax rules and guidelines. While it’s always best to have that meeting in November or December in order to beat all of the IRS’s year-end deadlines, a meeting in January or February can also be extremely beneficial and potentially save you thousands of dollars. The savings strategies discussed in this paper are ones primarily geared toward filers in the 12% to 24% tax brackets.
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