Tax Planning in New Orleans – Individual
What is Tax Planning for Individuals?
Tax planning is a process of looking at various tax options in order to determine whether, when, and how to conduct business and personal transactions so that taxes are eliminated or reduced. At JW Accounting + Tax we will guide your tax planning strategies to maximize your financial position and help you choose the course of action that will result in the lowest legal tax liability.
There are several factors to consider when planning your personal taxes in the New Orleans area. Below we outline some of the considerations for your personal tax planning.
Retirement Tax Planning
There are a wide variety of savings plans available including 401(k) plans, regular and Roth IRAs and other qualified plans. JW Accounting + Tax can also recommend other after tax investment vehicles where appropriate. Clients should contribute as much as possible on a pretax basis to their 401(k) plans, particularly those that offer employer matching, which immediately boosts the plan’s return. Clients over age 50 can make additional contributions to increase the plans value.
Additionally, retirees often receive income from a variety of sources, including Social Security benefits, and distributions from pensions, annuities, IRAs and other retirement plans. JW Accounting + Tax LLC will work with you to file your taxes in the most beneficial way.
Rental Properties and Taxes
There can be several tax advantages to owning rental property. Depreciation is a deduction available to real estate investors, and allows you to deduct the cost of assets such as buildings and substantial improvements to buildings over a period of time defined by the IRS.
Most expenses associated with rental property are deductible. Mortgage interest, real estate tax, maintenance, property management, even transportation costs to visit the property are all expenses, fully deductible in the tax year they are incurred. JW Accounting + Tax can help you understand your tax filing options.
Tax Planning for College
Your tax planning options can include education savings plans, education credits, deduction of educational expenses, education savings bonds, education loans and other alternatives.
At JW Accounting + Tax we review your college tax planning goals and personal situation, and make recommendations based on your individual needs.
