As we approach the end of the year, it becomes “tax time” here at Master’s. We spend a lot of time running projections, making recommendations, and talking through our client’s individual tax situations and, believe it or not, we enjoy it immensely!
For our 4th quarter blog series, we are going to revisit some of the basics of tax planning and how our tax code works.
Tax Planning & Tax Code Basics Series Overview
While the tax code is always subject to change, some of the tenants of the code tend to remain true over time. During the next four weeks, we will cover the following:
- Tax Brackets – Lyle will discuss the basics of tax brackets and how you can use them to your advantage when doing multi-year tax planning.
- Capital Gains – Charlie will discuss capital gains tax; where it applies, when it can be beneficial, and why it is a “carve-out” in the code.
- Standard vs. Itemized Deductions – Jon will talk through the decision of itemizing deductions vs. taking the standard deduction, and how strategy around taking these deductions can reduce your multi-year tax bill.
- Payments and Penalties – I will wrap up this series by discussing tax payments and potential penalties for missing those payments or not paying enough during the tax year.
We hope this series brings clarity to our complex tax system and how it affects your unique situation. If you have further questions about your long-term financial planning contact us.
Read the Series:
