Do you feel that you pay too much in tax? You’re not alone. The General Accounting Office estimates that Americans over-pay their taxes by almost a billion (yes, that’s billion) dollars each year! That’s why tax planning is gaining in popularity. Why do so many pay more than they have
As you begin working with taxpayers to plan out their cash flow for retirement, you will want to advise them on the timing for withdrawing those funds. This is where the “bucket strategy” comes into play. The bucket strategy looks at four basic types of retirement income: For taxable non-retirement
Planning for retirement also means planning for retirement income taxes. Creating a tax plan for retirement will ultimately allow you to spend less money on taxes and put more toward the lifestyle you want. A major benefit of working with a Certified Tax Planner is that you have an expert
As people plan for retirement, they rarely take into consideration the tax implications. What taxpayers may not realize is that the amount of retirement income that goes toward taxes can considerably lower the funds available to sustain the type of life they imagined for themselves. This is where offering your
As people explore their options for retirement income, they don’t always take into consideration the tax implications. The percentage of your retirement income that gets redistributed to taxes could considerably impact your quality of life during retirement—if you don’t have a plan in place. Formulating a tax plan for retirement
Most taxpayers would say they want to take every legally permissible step to lower their tax bill. Yet each year taxpayers fail to claim tax credits they are fully eligible to receive. These credits are often attached to behavior or practices that taxpayers are already engaged in. The missing piece
Every year countless taxpayers overlook money-saving opportunities in the form of tax credits. This provides tax professionals with an opportunity to look like magicians as we whip money-saving strategies out of our proverbial hats in the form of readily available credits that our clients may have never heard about. Taxpayers
“Don’t leave money on the table.” That could be an axiom for taxpayers everywhere. Yet every year countless taxpayers overlook money-saving opportunities in the form of tax credits. Claiming tax credits is a surprisingly underutilized strategy. Currently, there are over 1200 different tax credits available, and unlike tax deductions, these
What would you do for a lower tax bill? The good news is that you may not have to do much. One of the most underutilized tax strategies is to identify and claim tax credits. Many taxpayers may find that they qualify for a tax reduction based on behavior or
For landowners and investors alike, conservation easements have been a way to contribute to future generations and get a substantial tax break in the process. What exactly is a conservation easement? This type of legal agreement means that the landowner is voluntarily limiting their use of the land or ability