One thing most Americans can agree on during tax season is that we all want to minimize the taxes we owe and/or maximize our return. While automated and online programs make annual filing fairly simple, they’re quicker to miss money-saving intricacies that a professional might be more attuned to. We’ve got three simple tips to help you maximize your income tax savings, but suggest enlisting the aid of a financial professional, like Walter J. Reyna, Inc.
1. Reducing Your Income Tax Sell a business? Receive an expected inheritance? Face an unusually large end-of-year tax burden? The professionals at Walter J. Reyna, Inc. can help you utilize strategies that target reducing your end-of-year income tax bill.
2. Tax-Wise Investments Looking to invest some non-retirement assets you have set aside in a savings account, but do not want to pay taxes each year on the interest and dividends generated? The professionals at Walter J. Reyna, Inc. can help you position your investments in a tax-wise manner, where some or even all of your interest and dividends may be shielded from tax.
3. IRA Contributions Traditional IRA contributions reduce your taxable income. A traditional IRA can be opened as late as April 15 for the previous year, giving you the flexibility to claim the credit on your annual return. If you’ve chosen a Roth IRA, you may be able to claim your savings contribution credit to lower taxable income. Call upon the financial professionals at Walter J. Reyna, Inc. to help you better understand how IRA contributions can work in your favor this tax season.