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Six Strategies to Beat the Tax Man

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Jeffrey A. Forrest, Your Safe Money for Life Coach and Co-Founder of The Core Financial Group, spotlights six ASTUTE strategies in order to maximize returns for the upcoming tax season.

Published in: Economy & Finance
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Six Strategies to Beat the Tax Man

  1. 1. SIX ‘ASTUTE’ STRATEGIES TO BEAT THE TAX MAN JEFFREY A. FORREST, OWNER & CO-FOUNDER OF THE CORE FINANCIAL GROUP
  2. 2. UNLESS YOU’RE AN ACCOUNTANT, THERE’S LITTLE TO NO CHANCE THAT YOU ENJOY DOING YOUR TAXES. TAXES ARE DIFFICULT AND CONFUSING, LEADING YOU TO EITHER SPEND EVEN MORE MONEY PAYING SOMEONE TO DO THEM FOR YOU OR RUN THE RISK OF NOT GETTING THE MAXIMUM AMOUNT ON YOUR TAX RETURNS. Jeffrey A. Forrest LET’S BE HONEST HERE…
  3. 3. I’VE FOUND SIX ASTUTE TIPS TO HELP YOU WIN WHEN IT COMES TO YOUR TAXES! THANKFULLY
  4. 4. CONSIDER IT AN END OF THE YEAR PRESENT From Your Safe Money For Life Coach
  5. 5. TIPS TO BEAT THE TAX MAN A E T S T U
  6. 6. TIPS TO BEAT THE TAX MAN A E T S T U ACCELERATE DEDUCTIONS AND DEFER INCOME You should look into accelerating your deductible expenditures in 2015 to reduce your taxable income. Think about prepaying your local income taxes or your mortgage — those are both tax deductible.
  7. 7. TIPS TO BEAT THE TAX MAN A E T S T U ACCELERATE DEDUCTIONS AND DEFER INCOME You should look into accelerating your deductible expenditures in 2015 to reduce your taxable income. Think about prepaying your local income taxes or your mortgage — those are both tax deductible. SET UP A QUALIFIED RETIREMENT PLAN You have until December 31st to establish a qualified retirement plan for both yourself and anyone who may be working in your company. Since you don’t have to contribute until your business’ tax filing deadline (including extensions), you can pay it after your 2015 taxes.
  8. 8. TIPS TO BEAT THE TAX MAN A E T S T U ACCELERATE DEDUCTIONS AND DEFER INCOME You should look into accelerating your deductible expenditures in 2015 to reduce your taxable income. Think about prepaying your local income taxes or your mortgage — those are both tax deductible. SET UP A QUALIFIED RETIREMENT PLAN You have until December 31st to establish a qualified retirement plan for both yourself and anyone who may be working in your company. Since you don’t have to contribute until your business’ tax filing deadline (including extensions), you can pay it after your 2015 taxes. TRANSFER YOUR ASSETS TO A CHARITY If you’re looking to be a bit more philanthropic, you have until December 31st to make a charitable donation and qualify for a deduction in 2015. If you’re going to transfer assets to a charity, try to transfer appreciated assets like stocks — neither you nor the charity will have to pay a capital gains tax when those shares get sold.
  9. 9. TIPS TO BEAT THE TAX MAN A E T S T U ACCELERATE DEDUCTIONS AND DEFER INCOME You should look into accelerating your deductible expenditures in 2015 to reduce your taxable income. Think about prepaying your local income taxes or your mortgage — those are both tax deductible. SET UP A QUALIFIED RETIREMENT PLAN You have until December 31st to establish a qualified retirement plan for both yourself and anyone who may be working in your company. Since you don’t have to contribute until your business’ tax filing deadline (including extensions), you can pay it after your 2015 taxes. TRANSFER YOUR ASSETS TO A CHARITY If you’re looking to be a bit more philanthropic, you have until December 31st to make a charitable donation and qualify for a deduction in 2015. If you’re going to transfer assets to a charity, try to transfer appreciated assets like stocks — neither you nor the charity will have to pay a capital gains tax when those shares get sold. USE THAT ANNUAL GIFT-TAX EXCLUSION You can gift up to $14,000 a year to as many people as you want without having to pay taxes on those gifts. This might be a great opportunity to gift money to a 529 college savings plan for your children or grandchildren.
  10. 10. TIPS TO BEAT THE TAX MAN A E T S T U ACCELERATE DEDUCTIONS AND DEFER INCOME You should look into accelerating your deductible expenditures in 2015 to reduce your taxable income. Think about prepaying your local income taxes or your mortgage — those are both tax deductible. SET UP A QUALIFIED RETIREMENT PLAN You have until December 31st to establish a qualified retirement plan for both yourself and anyone who may be working in your company. Since you don’t have to contribute until your business’ tax filing deadline (including extensions), you can pay it after your 2015 taxes. TRANSFER YOUR ASSETS TO A CHARITY If you’re looking to be a bit more philanthropic, you have until December 31st to make a charitable donation and qualify for a deduction in 2015. If you’re going to transfer assets to a charity, try to transfer appreciated assets like stocks — neither you nor the charity will have to pay a capital gains tax when those shares get sold. USE THAT ANNUAL GIFT-TAX EXCLUSION You can gift up to $14,000 a year to as many people as you want without having to pay taxes on those gifts. This might be a great opportunity to gift money to a 529 college savings plan for your children or grandchildren. TAKE YOUR REQUIRED MINIMUM DISTRIBUTION If your turned 70.5 years old in 2015, you have until December 31st to meet the minimum amount of money for distribution amongst retirement accounts. If you don’t meet the deadline, you’ll be penalized with up to 50% of the shortfall and no one wants that.
  11. 11. TIPS TO BEAT THE TAX MAN A E T S T U ACCELERATE DEDUCTIONS AND DEFER INCOME You should look into accelerating your deductible expenditures in 2015 to reduce your taxable income. Think about prepaying your local income taxes or your mortgage — those are both tax deductible. SET UP A QUALIFIED RETIREMENT PLAN You have until December 31st to establish a qualified retirement plan for both yourself and anyone who may be working in your company. Since you don’t have to contribute until your business’ tax filing deadline (including extensions), you can pay it after your 2015 taxes. TRANSFER YOUR ASSETS TO A CHARITY If you’re looking to be a bit more philanthropic, you have until December 31st to make a charitable donation and qualify for a deduction in 2015. If you’re going to transfer assets to a charity, try to transfer appreciated assets like stocks — neither you nor the charity will have to pay a capital gains tax when those shares get sold. USE THAT ANNUAL GIFT-TAX EXCLUSION You can gift up to $14,000 a year to as many people as you want without having to pay taxes on those gifts. This might be a great opportunity to gift money to a 529 college savings plan for your children or grandchildren. TAKE YOUR REQUIRED MINIMUM DISTRIBUTION If your turned 70.5 years old in 2015, you have until December 31st to meet the minimum amount of money for distribution amongst retirement accounts. If you don’t meet the deadline, you’ll be penalized with up to 50% of the shortfall and no one wants that. EXIT LOSING STOCKS AND FUNDS Any capital losses that you realize in 2015 can be used to offset any capital gains you may have earned. If your losses exceed your gains, you can offset up to $3,000 of your ordinary income. Use this knowledge to sell wisely.
  12. 12. HTTP://JEFFREYAFORREST.COM TO LEARN MORE, VISIT MY FINANCIAL BLOG AT

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