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Mid-Year Tax Planning

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""The secret of change is to focus all of your energy not on fighting the old, but on building the new." -Dan Millman

The tax return preparation process is always a "historical" look at what happened during the year ... whereas DURING the year, there are always things we can do to "write" history, so to speak.

What I will advise you on now is "quick and dirty" tax planning for wage earners. There's usually much more that can be done, even if you don't have complicated investments or business ownership. That's worth a conversation (so call or email our office!). But here's a good place to start...

To begin, all you have to do is take your cash flow for the first half of the year, and multiply by two. Add up your wages, dividends, interest, and any other income, and then -- if this represents approximately what you're expecting for the second half of the year -- double the sum.

Once you have your estimated 2017 income, give us a call (or send me an email), and we'll help you determine the appropriate tax rate and deductions to apply. Because once you're armed with this info, we can help you determine the amount of taxes you might expect to owe for the 2017 tax year. 

By then comparing this against your projected withholding, you can adjust the withholding on your paycheck in advance as needed, and ensure a happy visit to our office in the early winter.

This can also be a good time to organize your financial records or get started with some financial software. (YNABPowerWallet, etc.) Getting organized now can make gathering a report of all those deductions a breeze, come tax time.

And another thing: wealthier Americans, in particular, are facing higher tax rates on ordinary and investment income.

That makes it all the more important to review Uncle Sam's highest-impact tax breaks, such as donations of appreciated assets, tax-free exchanges and capital-loss harvesting.

Unlike obvious moves, such as contributing to an individual retirement account or a 401(k) plan, these strategies require a higher degree of awareness and active planning.

But not all high-impact breaks are for the "wealthy". Any homeowner can benefit from a provision allowing taxpayers to pocket tax-free income from renting a residence for as long as two weeks, and low-bracket taxpayers can pay zero tax on long-term capital gains.

Other important moves can help minimize estate, gift and inheritance taxes. Really, there are a variety of moves we can make to help you with your planning for the year ... but you have to let us help you. It is, after all, why we are here.

And it starts with the snapshot of where you are right now.

So, shoot me back an email, give us a call ... we are right here.

 

Warmly,

 

Pat O'Hara

(845) 242-2151

Call Us Today For An Appointment 845-242-2151

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