Home > About Investments > Reducing the Stress of Taxes by Tax Planning

Reducing the Stress of Taxes by Tax Planning

July 8th, 2010

Doing your taxes will be easy and a lot less stressful if you get started early. Start early and you may be able to reduce your taxes and get more back when tax season comes around.

Here are a few tips for early tax planning:

1. Write down all expenses. Saving every receipt will aide you, especially if you are an independent business owner.

2. Increase your withholding. If you owed money and withheld $0 last year, try withholding $5 to $10 per paycheck. Ask your employer for the withholding sheet.

3. Donate the extra cash to an IRA account. IRA stands for Individual Retirement Account, and it provides tax benefits when used to save money for retirement. IRA contributions are deductible as well. An IRA account holds the investments so you can invest in stocks, mutual funds, CDs and more.

If you would like more information about tax planning, contact Robinson Wealth Management GroupĀ in Fort Worth, TX.

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