This may be a little late but some of you may be looking for a few tax ideas at the last minute. If not then save this article for next year so you have a nice head start. Last week, Forbes published a very helpful piece that talks about several strategies that will help lighten your tax burden. And that’s good news for anyone who needs some easy ideas with that ever-more complicated tax code.
With the tax code constantly changing, everyone needs help to stay on top of the latest strategies. If you simply do the same thing every year you are essentially using the same strategy for a different game each time. In reality, many people do have fairly straightforward tax filings but for those of you who don’t, this article might offer some relief. Read Tax Bracket Magic here.
This article covers several of the changes that have taken place recently or are set to happen soon. With this information, there come a handful of suggestions as to how taxpayers can play the new game to their advantage. Whether you are talking about writing off stock losses, declaring dividend income or even sending kids to college there is likely something that just might deliver an added benefit for you.
Of course, let’s not forget the potential option for converting a retirement account to a Roth IRA. This is something that I have resisted for the most part but I am coming around to the idea. Conversion of assets can yield many more benefits in the form of flexibility on top of the possible future tax advantages. As with anything, this all depends on each individual situation.
So if you’ve considered any of the above options or are looking to get a leg up on the tax man next year, then this Forbes article is a must read. Please call or email if you have any comments or questions on this topic. Some if it we may have to defer to a tax expert but much of it falls squarely in the realm of retirement planning.
Have a great week!
Bryan J. Anderson