Every year taxes come around and there’s a significant amount of people that let themselves get caught off guard by it. While life is very busy, and finances are never simple, you should not let yourself fall into this. Taxes don’t have to be a frustrating mess every April. 

At Statewide Financial we can work together to simplify your taxes and not only make tax season a little easier but help it become a regular part of your yearly financial cycle. 

Let’s make a plan

As with many aspects of life, your taxes will become exponentially easier when you plan for them. Consider your situation. If you have been working at the same job for years, living in the same house for a decade, and not make any significant life changes then your taxes are going to likely be pretty stable. As we get older our lives usually find some sort of equilibrium. We can plan around this.

You may be thinking to yourself however about the unexpected large expenses, charity donations, investments, and other financials that could impact your taxes in some shape or form. This is where we come in to help even further. Creating a plan is only the first step in the tax preparation process.

Create a tax strategy

Understanding tax strategies and managing your tax bill should be part of any reliable financial approach. Some taxes can be deferred, and others can be managed through tax-efficient investing. With careful and consistent preparation, you may be able to manage the impact of taxes on your financial efforts.

Tax planning services are important components for your overall financial plan. Careful planning throughout the year can assist you in reducing the taxes you pay – as well as help you achieve your financial goals.

We provide expert tax planning services and preparation, utilizing ideas and strategies specifically designed for retirees. Most people do not know that in the retirement years every dollar saved by minimizing income taxes will increase your spending capacity in retirement more than additional growth on your money.

What should I consider in my strategy?

If a tax strategy seems overwhelming then don’t let it be. As financial experts, we can look at your situation and form the perfect strategy for you individually. No individual’s financial situation is going to be the same, but there are certain aspects of it that are fairly consistent across most tax strategies.

Tax Planning

Income taxes can be reduced through the use of various tax strategies. Tax planning is always a part of proper investing. Your after-tax return can be increased when you use tax-efficient investment strategies. Remember, it’s not what you make, it’s what you keep that counts. We review your tax returns, analyze your current and projected income tax exposure, and make recommendations on how to reduce your future income tax liability.

We can help you carefully plan for exercising your options, taking tax considerations into account. Understand how the timing of your sale can affect your capital gains tax liability. The way the sale is structured can greatly affect your taxes. We can help you assess your options and determine the next steps.


Your Income

The biggest impact on your taxes is always going to be directly related to your income. This will always hold true. Even if you are living the retired life there will still be forms you need to be ready to fill out in relation to your income from services such as social security or your own investment returns. 

Before you can even begin your tax strategy you should identify all forms of income whether you are employed or not, because this helps decide which tax bracket you are in. Once we identify your tax bracket we can understand which tax laws will apply to you. This impacts how much the government may want to tax and also what kind of deductions you may qualify for.

Once we understand your bracket we can begin making a plan around your bracket. We can also be ready for what kind of taxes could be on the way. There are people who retire and find themselves paying back in taxes unexpectedly, because they didn’t understand their tax bracket. We want to make sure you don’t fall into this category.

What kind of deductions do you want?

Do you run your own business and are trying to find ways to get stronger tax deductions so you can put that tax return money towards retirement? Are you heavily involved in your investment strategies, but you also give a significant amount of money towards charity? Then maybe itemizing your taxes is the right move for you.

While we can work to see how we can save you money on your taxes we can also work with you so you always get the best deductibles every year you file. Sometimes this may just involve taking the standard deductible in your tax bracket, but by itemizing your deductible you will sometimes qualify for a better deductible in your taxes.

What can be added as a deductible? Well that varies for every person, but a few common items include:

  • Charity Donations
  • Work expenses
  • Mortgage Interest
  • Property Taxes

One of the best ways to qualify for a great deductible is through itemization. At Statewide Financial we can look over your yearly expenses and find areas that you can apply to your deductible. Soon that money that you are saving in taxes will be going towards your future plans.

Be wary however that you can’t just apply a deductible to anything. You will need to be able to prove to the IRS that you qualify for these deductibles. Especially if it is of a significant amount. This is where your tax plan comes in.

With a tax plan, all of this is already sorted out

What’s so great about having a tax plan is that all of this is already sorted out for you. When tax season rolls around you already have all your itemized deductibles planned. You know your income and then it’s as simple as scheduling an appointment with us and working out the details. We can help create a plan that is giving you the maximum amount of return and taking your wealth management to the next level.

Your taxes play a major role in your finances every year. If you do them right you can make them become just as much a part of your income and retirement plan as everything else, but you need to understand them first and that’s what we at Statewide Financial are here to do. To help you create a plan so you understand your finances more.

Tax Planning Goals

Although taxes are expected, we are treating your general financial position in a manner that aims to mitigate taxable incidents. Tax planning takes into account the tax effects of individual, spending, or management decisions, usually with the intention of reducing income taxes. Since these decisions are not taken purely on their fiscal effect, you may have a detailed knowledge of the problems and cost associated with income or real property tax.

Adequate fiscal strategy will accomplish the following objectives:

  • Reduce tax responsibility for the financial year.
  • Postpone the tax obligation for the present year until subsequent years.
  • Reduce the tax obligations in likely future years.
  • Maximize tax benefits from disability reductions.
  • Minimize the impact of the AMT on tax liabilities for this year.
  • Maximize tax cuts by leveraging the tax credits available.
  • Maximize the sum of money that will exist within your household.
  • Minimize returns on capital gains.
  • Minimize Total Profit Income Tax on Medicare Payments.
  • Stop fines for gross taxes not collected without.
  • By delaying your tax liability, you maximize the amount of cash for savings, company or personal needs.
  • Manage the cash balance by predicting what you may need to pay taxes.
  • Minimize any future inheritance taxes and increase the money available
  • Maximize the amount of funds that you would have available to support schooling for your family and your retirement

Tax income preparation

A significant purpose of fiscal strategy is to reduce federal income tax responsibility. That can be accomplished through:

  • Reducing taxable wages by deferment of or change of profits
  • Deduction timetable
  • Tax savings readiness
  • Strategies for Year-end Preparations

Tax savings readiness

Analyzing how to properly position assets to reduce financial risk needs preparation year-round. Our analysis starts with a detailed understanding of the tax ramifications of the numerous investing strategies:

  • Clean processing revenues
  • Tax-free savings
  • Losses and benefits
  • Trained Returns
  • Strategies for Choices
  • Investment tax postponed
  • Passive benefits and defeats
  • Taxation on mutual funds

Contact Us

Are you ready to take the next step in your tax planning process? Stop losing out on potential money and connect with us on our tax planning process. 

Tax planning should not be done in isolation, but instead should be driven by your overall financial goals and integrated with your total financial plan. We can help you develop and implement appropriate strategies to lessen or shift current and future tax liabilities to help you meet your long- and short-term objectives.

If you are ready to get your taxes in order then please give us a call at 561-744-0500 or use our online contact form. We will always do our best to help you. 

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