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For those earning over $200,000 per year, taxes are always on your mind. You worry and wonder how you can minimize the amount you will owe. Some of the most commonly used strategies are to max out your 401K plan, buy real estate and write off the allowed expenses, and make charitable donations. While these tactics help, there are additional less commonly discussed strategies as well. Some of these alternative tax strategies deal with:
These strategies follow established guidelines in the IRS tax code and vary in the types of tax features they provide, including tax reduction, tax deferral, and cash flow. Since there are limitations to all strategies, it’s beneficial to review those available to determine if you might be missing opportunities to utilize other strategies that might better use your resources and provide tax relief.
It is important that these strategies are pursued collaboratively between a client, accountant and financial advisor to seek to ensure it is effective and beneficial. To learn about how these strategies are used, their potential benefits and risks, please call us to schedule a time for us to meet with you and your accountant.
The SFA does not give tax or legal advice.