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As you know, lowering your tax bill involves careful planning. In fact, there’s hardly an aspect of your financial situation—savings, education, real estate, investments, retirement funding, or estate planning—that isn’t influenced by taxes. Tax planning is especially important if your circumstances have changed over the past year. As you begin preparing your taxes in anticipation of the April deadline, take a stroll down the front of Form 1040, and think about the life changes you have experienced in the past year.
 
  • Have you married or divorced in the past year? Near the top of the form you must declare your filing status (single, married filing jointly, married filing separately, or head of household), which determines your marginal tax rate (the rate at which your last dollar of income is taxed).
  • Have you had a baby, adopted a child, or assumed caregiving responsibilities for a loved one? If so, the number of exemptions  you claim, or dependents you support, may change.
  • Have you changed jobs, started a home business, or rented out your second home? There are more than a dozen types of income that you must report, as applicable to your situation.
  • Have you made payments on a mortgage, incurred medical expenses, or donated to charity? At the bottom of the form, you will list any deductions, which in turn reduce your total income to adjusted gross income (AGI)
The Importance of Timing
Waiting until just before the April deadline to think about your taxes may prove to be costly. By coordinating your tax strategies with your life changes and financial strategies, you may lower your tax bill while working toward a variety of short- and long-term goals, such as paying off credit card debt, buying a home, helping to pay for a child’s education, and funding your retirement.  
 
For questions about your retirement and tax planning needs, contact us today to schedule a free, complimentary consulation.
 
 
SHP_2017_Tax_Planning_Tips_Guide.pngComplimentary 2017 Tax Planning Guide
Download our FREE, 2017 Tax Planning Guide today
to help you prepare now!  Inside you’ll discover:  
  • Inflation adjustments for 2017
  • Specific actions you can take now
  • Key tax dates and filing deadlines for 2017
  • Important tax issues and updates for 2017

 

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We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice. 

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.  

 

The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by tMedia, LLC, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. tMedia, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.
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