Tax Planning

WHATS IT TAKES

To understand and take advantage of beneficial tax-law provisions can take a lot of time to sort through all of the Internal Revenue Code jargon to create proactive tax planning strategies that work specifically with your financial needs and expectations.

Fortunately, GRA CPA has the knowledge, manpower, and time to navigate through all the complex laws to mitigate your taxes in such a way that we don’t expect you to completely change your financial behavior solely to avoid taxes. We understand that truly effective tax planning means you have the freedom to invest how you want while keeping your tax bills to a minimum and having more money to save and invest or spend.

“When tax planning with you, we consider everything”

All areas of income, how your income(s) is coming in, the tax rates for the sources of income, your expenses, the current events in your life, the size of your family, whether you are going to go back to school, where you work, and more.

Our effective tax planning strategies will not only help you defer or minimize taxes in the short run but will make your long term goals, such as effective Retirement Planning, achievable as well.

REDUCE INCOME

The #1 way to reduce your taxes is to reduce your income. And the best way to do this is to allocate money to a Retirement Plan. You can also make adjustments to your income by contributing to deductions that do not have to be itemized on Schedule A, such as a traditional IRA, alimony paid, classroom expenses, and student loan interest paid.

INCREASE DEDUCTIONS

Keep track of your itemized expenses throughout the year so you can compare your itemized deductions to your standard deductions. Then take the higher of the two, reducing your taxable income. The three biggest itemized deductions are mortgage interest, gifts to charity, and state taxes.

TAX ADVANTAGE OF TAX CREDITS

Tax credits are available for college expenses, retirement savings, and for adopting children. We can also help you determine whether you are eligible to claim the Earned Income Credit, which is credited to your account as a payment.

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