Tax Tips
While you may be able to contribute to an IRA account,
to reduce your tax liability, it's never too early to start
tax planning.
Nobody wants to pay more in taxes than is
absolutely necessary. Developing a tax plan and sticking
to it may result in significant tax savings over the last
minute pulling together of information at the end of the
year.
Several examples of proven methods for reducing
your tax burden have been outlined below. We appreciate your
business and encourage you to call with any questions or
concerns you might have.
Through our
partnership with UVEST Financial Services, maximize
your contributions to a Retirement
Plan, including an IRA and
401(k) Plan. |
Consider placing
some cash reserves in a Tax-Exempt Money Market Fund. |
Consider purchasing
a Non-Qualified Annuity Contract to supplement your
employer-sponsored retirement plan. |
Consider paying off your credit
card balances with a Home
Equity Line of Credit to take advantage of lower
interest rates and the possible deductibility of
the interest. |
Closely monitor
your withholdings to make sure you are not giving the
government an interest-free loan. |
If you have
an older life insurance policy, consider using a 1035
exchange to upgrade your policy without triggering
an income tax liability. |
If you itemize,
gifts to qualified charitable organizations can be
deducted from your reportable income. |
Respond to the
IRS promptly if you receive any correspondence from
them. Delays could incur steep penalties and interest
charges. |
UVEST Financial Consultants do not offer tax advice.
For tax assistance, please refer to your accountant or other tax professional.
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