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tax planning

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Tax season - it can be a confusing and daunting time for many people, especially for those who have moved between states, are self-employed, have multiple sources of income, or have gone through a major life change. We completely understand. With 3 Rivers Financial, the stress will be long gone! Our finance experts are more than happy to support you as you prepare for the upcoming tax season and beyond. We’ll walk you through the process to ensure that you can take advantage of all the deductions and credits that you’re eligible for. Feeling mixed up with all of the tax rules and regulations? Our team will review those with you carefully to make sure that you feel confident and knowledgeable about your filing status. Don’t let tax season get the best of you! With a little planning and some guidance from our finance experts, you’ll be just fine!

What is tax planning?

Tax planning is the analysis of your financial situation to assess the legal and efficient steps that can be taken to maximize your tax refund or minimize your tax liabilities during filing season. We’ll work together to identify the most optimal deductions, credits, and financial solutions that will save you the most money. By listing these important factors during your tax planning process, we’ll also be able to determine what paperwork and information you’ll need to gather throughout the year, rather than scrambling for it during filing season. In short, tax planning is an analytical process that will reduce your stress and keep your money and time where it belongs - with you!

Why is tax planning important

ITax planning is an often overlooked step that is crucial for financial success. Taking the time to go through the numbers beforehand can help individuals and small businesses manage their finances more efficiently and confidently. This includes getting the most out of tax deductions and credits, avoiding those pesky tax penalties, and being able to plan for the future. By increasing the amount of your hard-earned money that stays in your wallet, we can also divert more of those funds into your retirement accounts, which builds your lifelong financial security. 

What factors are considered during tax planning?

Together, we’ll take a look at many important components, such as….

  •  Your federal income tax bracket 
  • Taking the standard deduction vs. itemizing 
  • Eligible deductions and tax credits
  • What tax records to keep and for how long
  • Timing of income
  • Timing of purchases

Compatible investments and types of retirement plans