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.
These are just a small sample of the ways you can start saving on your tax bill right now. Contact GROCO at 1-877-CPA-2006 or click here for many other tax-saving tips.
http://www.usatoday.com/story/sponsor-story/motley-fool/2016/06/09/3-ways-legally-reduce-your-taxes-2016/85590916/
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.
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.
Can a Trust Help You Save on State Income Taxes?
Of course, when it comes to lowering taxes almost all taxpayers first and foremost focus on taxes at the federal level. There are of course many ways to save on federal income taxes and the majority of taxes we all pay go to the federal government. So it makes sense that most taxpayers put…
Do You Still Have Outstanding Business Tax Returns?
Do You Still Have Outstanding Business Tax Returns? Entrepreneurs have a lot on their plate, as do all business owners. However, whether you’re just starting out or you’ve been in business for years, you need to makes sure that you stay up to date on your taxes. Missing taxes returns or filing them late can…
IRS Will Get its Share From Olympic Medalists, Too
IRS Will Get its Share From Olympic Medalists, Too If you’re like most people in the country, and many others around the world, then you’ve been watching the Summer Olympics over the last 10 days or so. After all, they only happen once every four years. There have been many exciting storylines, like Michael Phelps’s…
Apple Not Ready to Bring Foreign Income Back to U.S. Anytime Soon
Apple Not Ready to Bring Foreign Income Back to U.S. Anytime Soon Despite all the wonderful products and groundbreaking technologies Apple has been responsible for over the years, the tech giant is certainly no stranger to criticism. That criticism comes in many forms, including from competitors and those who prefer competitors’ products. There are also…