Tax Planning Services in Columbus, Ohio
As a general rule, don’t assume that tax planning is solely for the affluent and successful company owners. Anyone who wishes to raise their income by reducing their tax burden might profit from tax planning. It doesn’t matter whether you are a US citizen, a US expatriate, or the owner of an international firm when it comes to tax preparation. In its most basic form, tax planning focuses on reducing the effect of taxes on one’s income.
When filing your taxes, one of the most crucial factors to consider is the amount of money you make or adjusted gross income (AGI). An increase in your AGI will result in increases in your tax rate as well as an increase in the amount of tax credits you are eligible for. The Internal Revenue Service (IRS) considers your adjusted gross income the sum of all of your earnings, less any deductions or credits. This signifies that you will be subject to a higher rate of taxation due to an increase in your income.
Contributing to a company retirement plan, such as a 401k, may lower your adjusted gross income. Your tax burden can decrease with your contributions to a retirement plan. We will consult with you one-on-one to identify a solution appropriate for your situation.