Tax Season is just around the corner of Christmas! Here are some Tax Tips beyond the Tinsel:
HAVE A PLAN IN PLACE BEFORE NEW YEAR’S EVE ~~ The window for most tax-saving moves closes on December 31, so don't procrastinate on planning and understanding your current tax situation and knowing how changing circumstances in the new year can affect what you pay.
POSSIBLE POSTPONING PORTIONS OF PAYMENT ~~ If you think 2018 is going to put you in a lower tax bracket, there are possibile strategies for deferring, delaying, or postponing payment of tax on some of 2017’s income.
AVOID A TAX PAYMENT SHORTFALL ~~ There’s still a small opportunity in 2017 to increase your withholding (Form W-4) to help cover an anticipated tax shortfall.
MAXIMIZE RETIREMENT SAVINGS ~~ By the end of December, check that you’ve contributed the maximum amount allowed to your IRA, 401(k), or other retirement plan.
END-OF-YEAR INVESTMENTS ~~ Consider the tax implications for any year-end investment decisions you might be making, and consult with your financial advisor about what might be involved with capital gains. Together, you can determine the best strategy.
KNOW WHERE TO GET HELP ~~ When in comes to tax planning and protecting your investments, there is so much to understand. I recommend Alberts Wealth Advisors in Orland Park as a place to begin or continue with a solid source of financial knowledge and services. CALL TODAY and let them know Laura Alberts referred you!