Tax Planning

What if you could reduce your taxes just by planning ahead?

Tax planning involves analyzing your current financial situation with your taxes in mind. While having a financial plan is important, tax planning is a small part of it that can help you reduce your taxes and your liability, all while maximizing your returns. The goal of tax planning is to go over your financial plan and ensure the most efficient tax plan possible.

What does this mean? Tax planning looks at your accounts and investments, and makes necessary changes that will help you postpone, avoid or reduce taxes. Effective tax planning can actually help you save money, and leave you with more funds to invest.

However, unless you know your way around investments and taxes, it is important to seek the help of a certified accountant when doing your tax planning.

A CPA in Towson Baltimore area can look over determining factors such as your income, expenditures, types of investments and retirement plans, your filing status, your main tax deductions and more.

Dawn James, CPA & Co., P.A. can help you with your tax planning needs. Investments and retirement accounts have always been a popular means of reducing taxes, but it’s necessary to go about setting these accounts up strategically. Different types of accounts have different qualifications and dollar limits.

Let us help you stay compliant while getting the maximum benefit possible. We can also help you avoid any expensive tax mistakes, such as selling your securities too soon or withdrawing your retirement account could have detrimental tax implications. With years of experience working with both businesses and individuals, we can help you make the right decisions when it comes to your taxes.

If you are ready to start tax planning and receiving the most tax benefits possible contact Dawn at 410-769-8866 or schedule a complimentary, no-cost, no-obligation consultations.