Why you should make Tax Planning a Priority this year
While we all may dread that time of the year when April 15th rolls around and we have to sit down and do our taxes, have you ever thought about getting a head start on taxes and creating a tax plan with your attorney? Robinson, Seiler, Anderson & Fife, LC. in Utah County has attorneys that are well versed in tax law and can help you to come up with a beneficial tax plan for this year. Listed below are just some of the reasons why you should make tax planning a priority this year.
To Pay Less Taxes
Reducing your tax in the current year or in future years can be accomplished easily with some planning. Depending on your situation this can be very beneficial for you. If you are included in any of the instances listed below then you definitely need to sit down and do some tax planning.
- You are self-employed or a business owner.
- You have investments with significant unrealized gains or losses.
- You have had a major life-changing event during the year, like selling a home, marriage or divorce, if you’ve retired or had a child.
- If you’ve had a dramatic change in your income (up or down), or a change in jobs.
- If you have moved, especially between states.
- If you are sending a child to college for the first time.
- If you purchase health insurance from the government health exchange.
To Implement Planning Ideas
While some tax planning strategies can be accomplished in short order at the last minute, most require much more time for proper analysis and implementation. This is especially true when it comes to business owners who are trying a new strategy, making a change in the business, or changing ownership in the company.
Familiarizing yourself with New Tax Laws
Earlier this year we found out we will be affected by some major changes in tax law. Taking the time to make a plan and familiarize ourselves with the changes will only prove to be beneficial. Being proactive gives you the ability to benefit from the changing environment. Talking with the attorneys at Robinson, Seiler, Anderson & Fife, LC. in Utah County will help you to learn more about the new tax laws and how you can alter your spending or business strategies to stay ahead of the game and come out making more money and spending less during tax season.