New York Tax Planning Services

Most people don't think about their tax expenses until tax season rolls around. They look at tax return preparation as their opportunity to reduce their tax liability and receive as high of a refund as possible.

It's true that a knowledgeable tax preparer can find deductions and ways to lower your tax bill or achieve a higher tax return for you. However, you can do far more before the tax year ends than you can after.

This is called tax planning: the practice of using various strategies while managing and categorizing your finances throughout the year so that your tax liability for that year is lower. Tax planning must happen before you file your tax return, not while you're preparing it.

Tax Planning Strategies

There are many strategies and techniques a tax planner can use to optimize your tax situation. To name a new, the most common strategies involve:

• Planning charitable contributions in a tax-beneficial way
• Tax-loss harvesting
• Managing compensations and dividends from stocks and other investments
• Utilizing tax credits
• Managing finances to selectively choose your tax bracket
• Coordinating retirement accounts to provide the maximum tax benefit

Tax planning is a highly customized and personal service. Our tax planning specialists at Roman & Associates collaborate with each client to conduct a thorough examination of their tax situation. We'll guide you on how to make the most of every opportunity to reduce your tax liability so you keep more money in your pocket.

When it comes to tax planning, the earlier you start, the better. In the same way that a doctor can better treat an illness if they find it early, our tax specialists will have more opportunities to optimize your taxes if you start earlier and allow more time for the process. Call Roman & Associates CPAs in Brooklyn today for business tax planning as well as household tax planning services.