Building Next-Level Strategies to Lower Your Taxes
The tax burden facing high-income individuals and businesses can feel overwhelming. But it doesn’t have to — our CPA team is uniquely positioned to take your financial situation and run with it squarely in the direction of less stress and a lower overall tax burden.
In other words, there’s a good chance our tax experts can save you money. Here are seven ways our team may be able to decrease your overall tax burden:
- Review your allowable tax deductions and credits. You can reduce your tax liability dollar for dollar by speaking with your tax advisor about which deductions and credits are not subject to income limitations.
- Restructure your trusts. If you’re a high-income individual, this strategy is critical. Family trusts and partnerships offer a way to move investment earnings to family members with lower tax rates.
- Explore real estate exemption or rollover. In certain situations, you may be able to reduce or defer taxes based on property usage. We’ll help you explore these options.
- Donate to charities. Philanthropy does tremendous social good, and it can also save you a bundle on taxes. We’ll explain how to reduce your taxable revenue by donating cash or securities to charity.
- Invest in opportunity zones. Making investments in economically distressed communities known as opportunity zones can bolster local economies and save you money in the process. By investing earnings into these special opportunity zones, you can receive a tax deferral until the new investment is sold. Additionally, income earned on top of the investment is not taxable.
- Contribute to your pension fund. A great way to reduce taxable earnings is by contributing more to your pension fund. We can suggest retirement plans that allow you to maximize your contribution.
- Find tax-efficient investments. Investing in resource-based companies can offer significant tax benefits. When you invest in many of these businesses, you can actually deduct the cost on your tax return when structured correctly.