It’s that time again. The tax man cometh.
Tax time is getting here fast. What planning have you done?
I don’t mean gathering your receipts and putting them in order.
What have you done to reduce your taxes?
I’m telling clients, they should be doing their 2020 tax planning now.
Will you be buying or selling an asset? What is the best way and what is the best time?
There is free software on the market place which will help you determine what buying and selling any asset.
Should you be contributing more to your IRA or 401k? Need new office equipment?? It might be the time to buy.
Purchases should be made with taxes in mind, as well as, withdrawals from retirement accounts – make these with taxes in mind.
My point? Everyone could save more on taxes with a little planning. Do a budget for 2020. It just might surprise you the opportunity to save taxes.