3 Easy Ways to Pay Less in Taxes
The trick to lightening your tax load.
Westfield, NJ — Time and time again families wind up paying too much in taxes. Expert tax preparer, Fred Greene, EA has some tips on why taxpayers pay more than is required in taxes each year, and exactly how to start paying less.
“There are two important truths to recognize about taxes. Truth #1: Our tax system is not fair. The 1 %’s of this country function under a remarkably different system than the majority of regular tax payers. Not because they’re politically-connected (even though they are),” Greene pointed out. “It’s due to the fact that they understand Truth #2: A tax return is a report, not a strategy... there is a far better way to fly. It’s called tax strategy.”
Tax strategy is usually composed of three parts.
- Strategic review: Assess the current situation, and identify short-, mid-, and long-term goals and strategies to lessen your taxes, and grow your income.
- Implementation: This can be a bit tricky (especially if you do it yourself), because there are bound to be accounting and local regulatory questions which arise. Typically you’ll want to stay with your same team who developed the tax strategy so they make sure you’re doing what you need to do.
- Proper compliance: There are plenty of individuals out there who will give you “the secrets to paying less taxes!!!” -- but are they willing to put their name on a dotted line and defend it? If not, RUN from these people. Worst case, they know that their advice will lead to a fraudulent return.
It’s easy to forget about taxes until tax season, but according to Greene, now is the time to plan.
“The main thing to understand is that in order to REALLY get your tax situation improved, to pay less in taxes, you MUST plan ahead. Otherwise, you’re just cleaning up a mess when filing your tax return,” Greene said.
Fred Greene, EA runs a full-service financial firm committed to helping people pursue their financial goals. He offers a wide range of financial products and services to individuals and business owners. He also helps individuals and families save money on taxes. Give him a call (908) 789-8408, email firstname.lastname@example.org or visit his website http://westfield-tax.com.
- Contact Information
- Fred Greene
- Enrolled Agent
- Abundant Wealth Planning
- (1) (908) 789-8408
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