Tax Planning!

We all know our tomorrow is impacted by what we do today. And this is no

different in the world of taxes. Therefore, the question is are there changes you

need to make this year to positively affect your tax situation for next year and

beyond? The best way to prepare for tomorrow is acquiring as much

information TODAY!

Whether it be knowing the effects if any on your taxes from the change to the

child tax credit back to pre-2021 format or the expanding of the tax brackets due

to inflation. Or knowing whether investment harvesting is right for you or what

tax rate your capital gains may fall under. These are just a few examples of the

type of information that can impact your taxes for next year and beyond.

Big and small changes in income or available deductions can affect your taxes.

Whether positive or negative, these changes and their affects can sometimes be

revealed through tax planning. Now is the time to begin looking at what your 2022 taxes could look like. This starts with tax planning and the goal of ascertaining any changes you may need to make over the next 6 months, to positively affect your tax situation for the next

tax season.

As Benjamin Franklin said, “Failing to plan is planning to fail”. So, take some of the unknown out of your tax situation by preparing for the tax season today through tax planning. Whether researching on your own or talking to your tax professional, now is the time to prepare for tomorrow by acquiring as much information today!