The Need for Tax Planning

Tax Planning Pensacola FL
Sometimes you get a good result by just showing up, but other times, a little bit of planning goes a long way toward achieving your goal.  We plan our day through the use of a calendar, our meals by making a grocery list, and our spending by the use of a budget.  If one of your goals is to minimize your income tax, why not plan for that as well?

How do we plan for your taxes?  We look at your income and your deductions; and we ask a lot of questions.

  • Do you have any opportunities to shift income into next year?
  • Are you contemplating property sales or purchases?
  • What have you done and what are you thinking about doing that’ll give you a deduction this year?
  • Are you carrying forward tax losses that can offset taxable income this year?

Your answers lead us to a plan aimed at intentionally managing your tax situation rather than just letting tax happen to you.

Sometimes unfortunate life events can have even worse tax consequences.  Did circumstance compel you to take money out of your IRA or 401(K)?  Did you go through foreclosure or short sale?  These can carry with them unexpected tax consequences, and should be discussed with your tax professional.

Good year or not-so-good year, be proactive in managing the tax aspect of your finances.  Let me know if I can help.