Enterprise Express Tax Systems LLC的动态

Why TAX PLANNING should be a Priority in 2024! So, you make an appointment with your Tax Professional/CPA and submit your yearly Tax documents for review. 2 days later your Tax Pro calls you back and delivers a shocker! You owe $$$$$$ more than you did the prior year. You are in absolute shock and dismay. How could this be, you ask yourself!! You ask your Tax pro to cross-check and make sure there are no errors. Did they make the right calculations? What about those deductions?? Maybe it's time to change your Tax Pro/CPA. This is a very common scenario and in most cases, it's due to a lack of Tax planning. Tax planning is?the analysis and arrangement of a person's financial situation to maximize tax breaks and minimize tax liabilities legally and efficiently. Now some may ask, what is the difference between financial planning and tax planning? An efficient financial planner should look ahead and plan for short-term as well as long-term financial goals.?The scope of tax planning is solely limited to helping you receive the maximum possible tax benefits each successive year. So have your Tax professional do the following: 1. Start with reviewing your Bi-Weekly pay stub and your W2 year-end statement. Pay particular attention to your withholding - you may need to increase and/or decrease using your form W4. 2. Your Tax Pro may suggest paying estimated taxes - Estimated tax is?the method used to pay tax on income that is not subject to withholding?(for example, earnings from self-employment, interest, dividends, rents, alimony, etc.). 3. Project forward 5 years and calculate how much taxes you would have paid at the current tax rates & and plan/strategize with your Tax Planner how to save on Taxes over a 5 year period. Know what your current tax rate is based on your income. 4. Marginal rates:?For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly). The other rates are: 35% for incomes over $243,725 ($487,450 for married couples filing jointly) 32% for incomes over $191,950 ($383,900 for married couples filing jointly) 24% for incomes over $100,525 ($201,050 for married couples filing jointly) 22% for incomes over $47,150 ($94,300 for married couples filing jointly) 12% for incomes over $11,600 ($23,200 for married couples filing jointly) The lowest rate is 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly). 5. Our Tax Practice is committed to Tax Planning for your Financial vision in 2024 & beyond Enterprise Express Tax Systems LLC. Do check out & and subscribe to our YouTube Channel @ https://lnkd.in/eSrAabiE