Next steps to paying less in taxes
By Steve Savant
Ash Brokerage Corporation
The three revenue income streams to be concerned about are ordinary income, passive income and capital gains/losses. You can use tax exemptions, tax deductions or tax credits to minimize your tax bill, but sometimes the tax deferral of income can play a significant role in managing your income so you can keep more of your money.
The next steps in tax planning start with planning in the first quarter to really impact the rest of the year, especially if you have the cash flow to contribute to a deductible retirement plan by contributing for last year and this year. Steve and Ken walk you through the baby steps of paying less tax through front-of-the-year tax planning and waiting until the end of the year.