Every person needs a plan related to income tax, and to develop this plan you need an expert advice. Andrew Kyriacou is a financial expert who has over 22 years of experience as a financial advisor focusing on tax situations.
Since he joined Andresen Tax, he has been working as an expert for handling the high-level tax issues that are founded in the income tax strategies. He also develops tax strategies to help his clients. If you are looking for help from an expert, then check out the Andrew Kyriacou TaxStrategies.
Andrew Kyriacou Tax Strategies
These strategies can be used to for resolving tax-related issues for anyone who is suffering from large income tax payments. As you may know, it becomes a time of depression income tax needs to be paid each year. Here are some tips to keep more money in your pocket.
1. Try to Maximize Your Savings.
If you have the financial means you should put as much money as you can into your personal retirement accounts… Roth IRAs, 401(k)s, etc. Any amount you can save is smart, but if you have the means, contribute the maximum that is allowed by your account.
2. Try Deferring Some Income.
If you might be entering a higher tax bracket, then you’re probably concerned about the ramifications. You should consider deferring one or two paychecks until next year, or defer other income to minimize your current liability.
3. Accelerate Deductions.
Along with deferring income, you can pay some deductible expenses this year instead of next year. This will temporarily lower your income and income taxes.
If you are self-employed you can prepay the balance of your state tax this year rather than waiting for January. This will secure the deduction for this current tax year.
4. Donating Appreciated Securities to Charity.
Most publicly traded securities with unrealized long‐term gains can be donated to a public charity (501(c)(3). To do this you can claim the fair market value as an itemized deduction on your federal tax return — up to 30% of your adjusted gross income. You won’t owe capital gains taxes because the securities were donated, not sold.