One of the biggest expenses that we all need to plan for, but many of us don’t do so optimally, is taxes. No matter where you are with your money, when you’re in need of tax prep in Charleston SC, you are facing a big opportunity.
First of all, did you know they are ways to actually reduce the amount that’s considered taxable? Reducing your income through retirement contributions to a 401(k) or through an IRA plan means you’ll pay less in taxes than if you contributed less. Another way of reducing your taxable income is by making charitable donations during the period covered by the return. Of course, this holds true for any income reducing efforts – they usually have to occur between January 1 and December 31 of the taxable year.
You may be able to increase your tax deductions through itemization. A common example is the mortgage interest deduction which encourages people to buy property and stimulate the economy by reducing the amount of taxes owed to the federal government. This is part of why we love tax prep in Charleston SC!
Capturing and itemizing your personal and professional expenses can have a huge impact on the taxes you pay, and more importantly the amount you keep. Amounts paid for things such as health care, state and local taxes, personal property taxes, gifts, and investment-related expenses, while perhaps not fun to spend on throughout the year can help you pay less at tax time.
We’re just getting started! (Tax services providers like us love this stuff.)
There are tons of tax credits in the Internal Revenue Code. And although tax credits mean a dollar for dollar reduction in the amount of tax due, you have to take care with eligibility. There are credits for things like adoption and college expenses, but you have to read the fine print to understand whether you truly qualify for these prized tax claims.
Did you know that what you’re investing in can impact the taxes you pay? Yep, this is another reason we’re in tax prep in Charleston SC. And Charleston may even have specific city incentives to consider. An incentive is an aspect of the tax code that encourages a specific economic activity. Much like a carrot dangling out in front of a rabbit enticing it to move in its direction, same is true for incentives. These are all items that should be part of any reputable tax services.
Mt. Pleasant SC residents have no more or less desire to keep their hard-earned money than those in Charleston, so no matter where you live, we hope you take this next tidbit to heart.
Just as most of us haven’t the time or the interest or the skills in becoming experts in heart, we don’t all have the time or the interest in becoming experts in tax optimization. Part of optimization is how the forms are prepared. There’s no getting around it – this is the part called tax prep.
Charleston, we have a question for you. When there’s a problem with your ticker, are you going to try and do open heart surgery on yourself? Of course not. You’ll call on the expert.
Now, we don’t mean to make taxes sound like a life and death matter. In any case, if you really want the power to take your money – and your life – by the reigns, the same philosophy of calling in an expert applies. Whether it’s with us, or another financial planner, we want your money to make the most impact it can.
This is how passionately we feel about strategic planning for your money, and why we hope you’ll consider us.
We’re not just a premier tax accountant, Charleston SC. We devise strategies – both tax prep and financial planning – that move you forward further and faster towards your financial goals. We like to say that it doesn’t matter how much money you make. What matters is how much of it you keep.
For the full suite of services and what we can do for you and your business, click here.