Tax Season: Time to get financially fit
Tax season is a good time for a strategy challenge to keep your taxes in top form year-round.
Find a Trainer
You’ll want a heavyweight tax professional in your corner. Don’t have one? Ask your financial advisor, other professionals, friends and family for a recommendation and get interviewing.
Take It to the Max
If you have earned income, push your retirement contributions to the limit. Some limits increased for 2019 so ask your advisors for details. Bulking up your tax-advantaged savings can trim your taxable income, too.
Have you had life changes since the last tax season? Make sure you understand how life changes can impact your tax bill.
Crunch Your Numbers
If employed, your employer withholds a certain amount of pay for taxes based on your W-4. Withhold too much and you’re giving the IRS an interest-free loan; too little and you’ll owe. Find the number that’s just right by using the withholding calculator on the IRS website (irs.gov/Individuals/IRS-Withholding-Calculator) or discussing your W-4 with your tax pro.
Getting your taxes in shape takes dedication and commitment. Diligently track and review your deductible expenses and donations.
Discuss these strategies with your professional tax advisor; your financial advisor can help coordinate the conversation. Then you can relax, knowing you’re in great shape for this tax season and beyond.
TFCU Financial Advisors
6501 Tinker Diagonal, MWC