Three Ideas to Start Reducing This Year’s Taxes Now
Three Ideas to Start Reducing This Year’s Taxes Now
Everyone wants to save on their taxes but many people don’t start thinking about tax savings until the next tax deadline rolls around. The real key to saving on taxes is to focus on those savings year round.
One of the best ways to legally save on your taxes, especially for the wealthy, is to harvest your losses. Of course, you face taxes on any capital gains made by selling investments. However, if you also have some capital losses from stocks that haven’t performed as well you can offset some, or perhaps all, of those gains. You can even use your losses to offset up to $3,000 in regular income if your losses are higher than your gains. You can also save some of your losses for the next tax year.
Another popular way to cut your tax bill is by setting up a flexible spending account through your employer. This account allows you to set aside pretax income for healthcare or dependent care expenses. You can then use that money throughout the year for bills you had already planned on paying and that money is tax-free.
Lastly, if you’re in the market for a home, or perhaps a second or third one, you should be aware of the tax benefits available to you. In addition to the deduction for the mortgage interest payment you can also get a tax break for your property taxes.
We hope you found this article about “Three Ideas to Start Reducing This Year’s Taxes Now” 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.
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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
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