Income Tax Season: Try Income Tax Planning Instead

Are you dreading this upcoming income tax season? It may be time to switch from tax preparation to tax planning. Strategic planning can reduce your overall tax burden, making this time of the year a lot less stressful. You should be working with a tax professional that is a part of your overall financial planning team. 

One of the first steps in tax planning is projecting your future income. This means looking at your accounts, tax brackets, and your projected taxes with an as-is scenario. If you are in your earning years you have to understand the impact of earning even on more dollar and what that does to your overall tax plan. In contrast, a lot of retirees are leaving money on the table. Strategic tax planning can save you stress, time, and money. 

We also want to be able to make knowledgeable decisions about our future income, predicting where taxes are going to go and how far. Unfortunately, we can’t predict the future, but there are strategies to proactively pay taxes now instead of waiting for higher taxes in the future. On today’s episode, we’ll discuss these planning steps and a variety of planning strategies that can reduce your overall tax burden. 

For a copy of our 2022 tax guide please email: [email protected] or go to https://redefiningwealth.info/schedule/

Review the article mentioned in today’s show >> 

Today’s episode and show notes can also be accessed by visiting: 

https://redefiningwealth.info/93-income-tax-season-try-income-tax-planning-instead/

Rate & Review and Subscribe to the Podcast:

https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188