Simple Ways to Build a Better Tax Plan
Simple Ways to Build a Better Tax Plan
Does it seem possible that more than two months have already passed since the 2017 tax season ended? That means the 2018 tax season is not that far away, and now is a good time to make your tax plan for this year’s return.
Tax plans come in all shapes and sizes because no two taxpayers have the exact same situation. However, there are a few common tips that can help any taxpayer prepare his or her next tax return, especially if they want to save a little more on taxes.
- Tax Harvesting – We’ve discussed tax harvesting before, but it never hurts to repeat sound advice. This is a great way to reduce your tax hit by selling off investments that have a loss. This will help offset any gains you have and ease your tax burden.
- IRA Contributions – While you can wait all the way util April of next year to contribute to your IRA, you don’t have to. Plus, whatever you add to your Roth IRA will be tax-free income when it comes time to withdraw it.
- Maximize Long-Term Gains – If you happen to be in the 15 percent tax bracket, you get to enjoy your long-term investment gains tax-free. Therefore, take the time to study and estimate your future investment taxes and look for chances to save each year.
These are just a few of the tips you can implement in your 2107 tax plan, or any other year, to help get prepared and save some money. Please feel free to speak with our tax experts at GROCO for more help.
We hope you found this article about “Simple Ways to Build a Better Tax Plan” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Don’t Forget About These Important Tax Write-Offs
The saying goes that it’s the small victories that count. That saying can be especially true during tax time when for many taxpayers any chance to save even a few dollars more is considered a positive. Plus, when you add up enough of the small victories they can equal a significant reward. With that in…
Have You Heard About These New Income Tax Changes?
February is almost over. Can you believe it? That means the annual income tax return deadline is fast approaching. If you still haven’t done your taxes then there are some important changes you should know about. Hopefully, if you’ve already filed, then you were aware of these changes beforehand. If not, and you think they…
Tell Me Your Value Equation
Every company feels like it has what it takes to make a difference in its customer’s lives. No matter what product or service they offer their clients, all companies feel like they can do it better than anyone else. So what makes one company stick out from another? Is it how much money that company…
How to Handle Tough Decisions
Everyone has to make decisions in life and many of those decisions can be very difficult to make. The same can be said for businesses. Decision makers in the business world face a lot of tough choices and some of these choices can actually make or break their companies. So how do they make tough…