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Tax planning begins with accurate and detailed recordkeeping. Having
supporting documents in place makes planning and preparation
of your taxes more efficient. Be aware of your individual
situation and track relevant information throughout the
year.
In addition, planning strategies for individuals requires
deliberate planning of income and expenses. For
example, a taxpayer may want to accelerate deductions into
the current year if the coming year’s income is not
expected to be as great. Alternatively, defer income
into the next year if you can. If next year’s
income is expected to be higher, it may be better to defer
payment of expenses or accelerate income.
Be sure that you’re contributing to your employer-sponsored
retirement plan (401(k), SIMPLE, 403(b), etc.). At
a minimum, you should be contributing enough to receive
the maximum amount of employer matching contributions.
Also, consider Roth IRA investments as a long-term strategy
(these contributions are not currently deductible, but
distributions after age 59 ½ are not taxable).
Learn more about Wegner LLP's Tax Services
Additional resources for individual tax planning can be
found at:
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