I know it’s too soon to talk about your 2016 taxes but these Tax Tips will help you save money next year and every tax season for years to come. Like Kiplinger says, “It’s never too early to start planning for next year’s tax bill.”
Reading and remembering this sage advice from Stacy Rapacon at Kiplinger.com is good practice. The contributing financial experts for Kiplinger’s Wealth Creation Channel have offered a lot of sage tax advice this year—and much of their wisdom is sure to stand the test of time. Start with the following:
Trim your taxable income throughout the year.
- “…increased 401(k) contributions and charitable giving are great ways to lower that tax expense. In addition, investors can consider realizing investment losses (if applicable) through a practice known as tax loss harvesting. Doing so enables investors to offset taxes on both gains and income.”
Read: 4 Tips for an Effective Year-End Financial Review
Introduce your financial adviser and your accountant.
- “If your financial adviser and certified public accountant (CPA) aren’t already talking, [now] would be a great time to introduce them. Most people understand the importance of having their money work for them, but few recognize the power of coordinating the advice they’re receiving. Here are six scenarios in which having your advisers working together can pay dividends for you…”
Read: Why Your Financial Adviser and Accountant should work Together
Link to read the rest of the story on our Blog at http://blog.activeadultsdelaware.com/2016/04/22/9-tax-tips-for-next-year/
