Hi, there! Welcome back to the Secure Planning Strategies website blog and I am so happy to have this weekly opportunity to share my words of wisdom and knowledge with you when it comes to building wealth. One important element to building wealth is to plan for taxes. I know most of us just barely made it out of tax season but being organized and planning ahead can save time and money this year. Secure Planning Strategies wants to offer some ideas that you can implement right now so you will make the best of the next tax season.
Look at the possibility that you need to adjust your withholdings. If your only source of income is your wages, now is a good time to review your withholding to make the taxes withheld from your pay closer to the taxes you will owe for this year. This is especially true if you normally owe a lot or get a large refund and you would like to narrow that margin of error. Give us a call and we can discuss how you can adjust your exemptions by completing a new Form W-4, Employee's Withholding Allowance Certificate.
Get those records in shape and organize them so that the documents will be easy to retrieve during tax season. By establishing one location where everyone in your household can put tax-related records during the year. This will avoid a scramble for misplaced mileage logs or charity receipts come tax time.
Look at the possibility and consider itemizing deductions. If your expenses typically fall just below the amount to make itemizing advantageous, a bit of planning to bundle deductions into 2016 may pay off. An early or extra mortgage payment, pre-deadline property tax payments, planned donations or strategically paid medical bills could equal some tax savings.
We, at Secure Planning Strategies, are here to guide you in the right direction when it comes to building wealth. With over 25 years of experience, please know that we are never more than a phone call away and we care about you and your situation. If you don’t want to wait for the next week’s blog article and you want to get started today, please give us a call at: (248) 827-2580 or e-mail us at: info@spsfinancial.com.
Don’t forget to like us on Facebook to receive our latest financial updates at: https://www.facebook.com/SecurePlanningStrategies.