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How can I Pay Less Tax?

How can I Pay Less Tax?

September 10, 2019

If you are like many people here in America, the amount of taxes you pay can be your single largest expense. We get taxed at many different levels including sales tax, excise tax, property tax, payroll tax, estate tax, local taxes, entity level taxes, state income tax, and federal income taxes. If you add them all up, it can be a very large amount of your earnings goes to pay these various kinds of taxes.

With proper tax planning you may be able to reduce your tax bill. This could mean big changes and opportunities in your future. Can you imagine what you would do with an extra $5,000 or even $50,000 per year?

Key steps

  • Key Steps to lower your tax bill:
    • Remember that tax laws are not necessarily fair. All types are income are not taxed the same. Income from a business, investments, real estate can have less tax than wages.
    • Tax laws are always changing. In many cases, Congress tries to steer the economy with changing the tax laws from time to time. To pay the least amount of tax legally possible, it is important to have your tax situation reviewed by a pro-active tax professional.
    • Your Proactive tax Plan needs to fit your situation. What works for Bill Gates, Donald Trump and Warren Buffet, or others, will most likely will not work for you. Each situation is unique, and you need a plan that is custom fit for you.
    • Keep it legal. There are many different ways you can use to lower your tax burden legally. Your tax strategy needs to be able to withstand the scrutiny of an audit.
    • You need to act. The greatest tax strategy plan is of no value if it is not implemented. The sooner the tax reduction plan is started, the more savings can be realized.
  • How do I get started?
    • Contact us and set up an appointment.
    • Provide us a copy of your prior year’s tax returns.
    • Provide us your current year’s profit projections.
    • Engage our firm to design a customized tax reduction plan for you.
    • Review the tax reduction plan with us and gain a basic understanding of it.
    • Implement the plan.
    • Enjoy the tax savings.