In this issue, of the Wei, Wei & Co., LLP “Tax News Letter” we take a look at tax saving strategies by reviewing investment income, capital gains/losses, and retirement planning. Also in the news is the use of virtual currency and we discuss the impact it may have on your taxes at year-end.
Year-end planning can only go so far. Our mission is to trim down your tax bill. Tax-saving strategies need to be put in place earlier in the year to be effective, so speak to your tax professional to implement a strategy that is right for you. Here are some strategies to consider.
Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures.
So, just as you would shop around for the best price for food, clothing or merchandise, you want to consider opportunities to reduce or defer your annual tax obligation. This Tax Letter is intended to assist you in that effort. Also, at the end of this Tax Letter is a list of federal tax law provisions to help individuals save and pay for higher education costs.
Some of these opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or regular corporation. Other opportunities may apply only to a particular type of business organization. This Tax Letter is organized into sections discussing year-end, and year-round, tax-saving opportunities for: