As the year starts to wind down another tax season approaches. Tax planning should have started way back in January, but if you didn’t there is still time for some tax planning for this year and especially time for long range tax planning for future years.
A key basic foundational understating is knowing what tax bracket you are in.
I hear this all the time, that folks don’t really know what tax rate they pay or what tax bracket they are in. It’s not that complicated with some basic understanding of how it works.
One – ask your tax return preparer. If they can’t answer that question, perhaps it’s time for a new tax return preparer who is also a tax planner.
Two – ask your financial advisor. If they tell you they aren’t allowed to answer that question and to go see your tax return preparer perhaps its time for a financial advisor that will actually help you with one of life’s largest financial expenses instead of passing the ball to someone else.
Investment choices are a matter of opinion, taxes are a matter of fact.
Three – schedule an introductory call with me since I handle both the tax and the financial planning.
Otherwise, for now take a look at this article on my website and then let’s schedule that introductory call.
The information in this and other articles is intended to be educational in nature only. Not tax, legal or investment guidance for you specifically. Each person’s situation is unique and you must seek appropriate professional guidance that can address your unique situation.