Tax techniques that work for everyone

Tax techniques that work for everyone

Our lawyers and strategic planners work day to day maximizing our clients’ wealth with a number of proven techniques. Whether that be protecting assets or planning the sale of a business or even saving them money come tax time, we help wealthy clients keep their hard-earned cash in their pocket.

With all the talks of the new President’s proposed tax cuts on businesses and high earners, we thought it prudent to mention that there exist certain money-saving tax techniques that work for everyone.

The IRA

Any money that you set aside in an IRA will be deducted from your taxable income. You can even have up to $18,000 of your income ($24,000 if you've hit 50) deferred into your account through a 401k. If you’re a business owner, any contributions you continue to pay into an self employment retirement account will not count toward your taxable income.

Capital Gains

Investing is not limited to the upper crust. Working class people that invest in property, stocks, and more get the benefit of that income being taxed at a lower percentage rate than regular income from a normal 9 to 5. In other words, make some solid investments and you'll have less regular income to report. The less income you can report, the thicker your wallet will be.

Mortgage Interest Deduction

Have a mortgage? Claim a mortgage interest deduction. The catch? You have to itemize deductions in order to take advantage of it. Most people don't itemize deductions because there's not much of a point, but in your case, there very well may be.

Take advantage of these tax tips

While it’s very true that more money gives you more breaks in life, these tax techniques can help anyone that’s willing to put in the work. You may not be able to gift as much money or afford every investment, but there’s a piece of the pie waiting for you. Go grab it.