Tax season is one of the most stressful times of the year, especially for those with multiple factors impacting their taxation. Many people worry about accidentally committing tax fraud while others feel like they get robbed each tax season due to how high their taxes are. GSR provides tax planning services that help you understand all of the factors that influence the taxes you pay, as well as how to plan your finances in order to legally allow you to pay the lowest taxes possible.
What Is Tax Planning?
Tax planning is when taxpayers utilize knowledge of tax law in order to minimize tax liability and maximize returns. With a thorough analysis of your financial situation, you can ensure that all elements work together so that you can pay the lowest taxes legally allowed.
This considers all elements of your financial situation, such as knowing what tax bracket you’re in, the size and timing of purchases, retirement savings methods, taking advantage of all tax deductions and credits available to you, planning for expenditures, and more.
Tax Planning Strategies
Depending on your financial situation and objectives, the appropriate tax planning strategies will vary. GSR will thoroughly analyze your situation in order to ensure that you’re doing everything you can to properly plan for taxes.
Some tax planning strategies that we may recommend include:
- Itemizing your tax return instead of taking the standard deduction.
- Taking the standard deduction if it is more than itemizing your return would be.
- Taking out the proper withholdings.
- Making the necessary tax payments.
- Contributing to an IRA.
- Contributing to health savings accounts.
- Making charitable contributions.
- Claiming tax credits and deductions that apply to you.
You don’t have to wait until next year to start planning your taxes. You can start anytime, and indeed, the sooner you start, the better, so that you can gain a better understanding and formulate the best strategy possible for your financial future.
GSR will work with you in order to determine the ideal tax planning strategies to implement for you or your business.
Benefits Of Planning For Taxes With A CPA
It can be difficult for people to understand all aspects of their financial situation and how to use the complexities of tax laws, regulations, and benefits to their advantage. Fortunately, this isn’t something you have to weather on your own. The certified public accountants here at Golub, Senitt, Rosenberg & Co. stay up-to-date on any changes in the financial world so that we can provide our clients with the best accounting services possible.
Why wonder about whether or not there are ways you can minimize your tax liability when we can work together? It’s our job to understand the ins and outs of everything tax-related, after all. Let us use our expertise in order to help you with our professional tax planning services.
When you work with us to plan your taxes, you won’t have to wonder about whether or not you’re leaving money on the table, overpaying your taxes, not paying the full extent of your taxes, or whether or not there’s something you can do to make tax season less stressful. Improve your financial planning and make tax season easier to handle by letting us guide you through the appropriate tax planning processes for your unique situation.
Beyond saving you money on your taxes, tax planning with GSR helps you to avoid tax penalties and address any tax risks you face. It also helps you keep your finances organized and plan for the future, for optimal success.
Start Planning Now With Golub, Senitt, Rosenberg & Co.
In summary, tax planning involves understanding all your income and deductions and making sure that you are taking out the proper withholdings or making estimated payments. If your income veers wildly year in year out, then a December accounting of what your situation is absolutely necessary so that you can figure out the true amount owed for that year. Be proactive, and you will find that taxes may be unpleasant but not a word to be feared.
Golub, Senitt, Rosenberg & Co. is here in order to help you plan for tax season. In order to help you with your taxes, we will need:
- Prior copy of tax return.
- Current year’s paperwork.
- Signed agreement for tax work (This will be provided after agreement on price and scope of work).
Contact our Glendale, CA office today to schedule a consultation and learn more about what we can do to help you optimize your financial situation with tax planning, planning for taxation in retirement, personal taxes preparation, business taxes preparation, and more.