Carlo Della Mea is a financial consultant in Boca Raton for Gilman Ciocia, Inc., a provider of tax and financial planning services. Securities offered through Prime Capital Services, Inc. Member FINRA/SIPC. Gilman Ciocia and Prime Capital Services are affiliated entities.  For information, call 561-361-7300 or visit www.gtax.com.

Plan Now To Avoid Higher Taxes Later

What is more exasperating than having to pay taxes? Understanding the ever-changing legislation affecting them! Yet, not fully understanding rights and how provisions work together costs taxpayers significantly every year. A mid-year tax review with a tax consultant can help you.

Overpayment or underpayment of taxes.

Did you receive a big refund last year? If so, you overpaid and the government kept your money as a tax-free loan while you could have invested it and earned interest. Did you owe? A mid-year review will help determine where you are and allow you to adjust your withholdings.

Take advantage of deduction bunching.

Some itemized deductions must meet certain thresholds before you can claim them. By being aware of these and managing your expenditures to fall primarily in one year, rather than spread over two years, you may realize significant tax savings. This applies especially to medical expenses, property tax payments, and charitable donations. The biggest expense you will ever face is income taxes. So make this the year when you start taking a more deliberate and informed approach. Call your tax advisor soon for your mid-year review to discuss your financial plans and learn how you can save on your next tax return.