Often overlooked, tax planning is so important! Life events such as job changes, retirement, new babies or children leaving the nest, are just a few of the things that can have a big impact on your tax situation. Thinking of borrowing from your retirement? Call me first! Typical corporate HR departments will not counsel you on the taxing implications of your decisions and you have a very small window of time to get it right.
Do you know if you are required to make quarterly tax estimates? The answer is probably yes if you are one of the many individuals operating a successful primary or sideline business. Don't have a sideline business? Let's discuss why starting one can be the best financial decision you make today!
Speaking of business, are you taking advantage of all tax strategies available to you? Should you put your kids on the payroll? Probably! Should you put your spouse on the payroll? I have some great solutions for offering compensation packages to your spouse that will benefit you in ways you may not expect. You know he/she helps your business succeed. Let's find a way to maximize your combined success!
Very basic tax planning is included in the cost of tax preparation. However, life changes and big financial decisions often require detailed analysis of your situation. A little money spent now can save you thousands in taxes later. Planning is key!