While tax season may be months away, December 31st will be here before you can say “Jingle Bells.” The fourth quarter is the best time for some proactive tax planning to lower your tax bill. With extensions, you may be able to delay filing your 2019 taxes until late 2020. However, many tax-saving moves need to be made before the end … Read More
Flower Mound Tax Consulting: Year-End Business Tips
With year-end rapidly approaching, this is the time to take steps to cut your 2019 business tax bill. (Flower Mound Tax Consulting: Year-End Business Tips) Establish tax-favored retirement plan If your business doesn’t already have a retirement plan, now might be the time to take the dive. Our current tax rules allow for significant deductible contributions. For example, if you … Read More
Dallas Tax Savings: Best States For Retiring
Even in retirement you’ll likely owe your fair share of taxes. If your retirement savings are kept in a 401(k) or traditional IRA, you’ll generally have to pay income taxes on your withdrawals each year. You’ll also typically be responsible for federal taxes on your Social Security benefits. Depending on what state you live in, you could pay state taxes on … Read More
Dallas Texas CPAs: Make Your Money Last In Retirement, Part 2
Things will get more expensive as you age. Inflation will erode your buying power, putting pressure on your spending. Having a plan for inflation will help you not run out of money in retirement. (Dallas Texas CPAs: Make Your Money Last In Retirement, Part 2) 1. Make Healthier Choices Being sick is miserable and expensive. Many chronic health conditions are … Read More
Flower Mound Tax Consultant: Don’t Miss This Savings Account
As you choose your benefits for 2020, don’t look past a key saving account that could beat your 401(k) plan — at least in tax terms. (Flower Mound Tax Consultant: Don’t Miss This Savings Account) This year, nearly 3 in 10 employers who offer workplace benefits provided a high-deductible health insurance plan along with a tax-advantaged savings account, according to data … Read More
Flower Mound Accounting Help: Biggest Retirement Mistake
Without your own savings, you may risk struggling to pay the bills in retirement. That’s why it’s crucial to contribute money to your nest egg throughout your working years. But the type of account in which you house your money could decide how much growth you see on your savings. And in this regard, a large number of Americans are … Read More
DFW Accountant Advice: Reduce Your Taxes Owed
Not every tax strategy will apply to your situation or yield benefits that justify the time, risk, or cost. To avoid any unintended consequences, develop your planning strategy with your tax and financial advisor or CPA. By keeping the focus on your entire situation and goals, work to prevent the tax-tail from wagging the dog. (DFW Accountant Advice: Reduce Your … Read More
Flower Mound CPA Advisor: Common Retirement Tax Mistakes
Most soon-to-be and recent retirees don’t think about taxes when heading into retirement. This can be a problem. Don’t worry, if this is you. Keeping taxes at the forefront of your retirement plans will help you not only avoid mistakes, but allow you to take advantage of certain opportunities. (Flower Mound CPA Advisor: Common Retirement Tax Mistakes) Mistake #1: Not … Read More
DFW Tax Pros: Save Your Business Money
How did you feel about making more money? (DFW Tax Pros: Save Your Business Money) You probably could achieve this by working harder, but what if you could be smarter with the money you earn now? Having more money by being smarter, rather than by working harder, is something you shouldn’t overlook. Tax planning is one way to work smarter. Tax planning is not just implementing … Read More
Flower Mound Accounting: Need-to-Know Tax Saving Tips
Each year brings a new wave of tax laws. As such, the best tip is to always follow best practices so you’re prepared. (Flower Mound Accounting: Need-to-Know Tax Saving Tips) You often can’t predict tax law changes and they can significantly impact your deductions and return. A new year could bring positive changes due to a particularly business-friendly policy environment, … Read More