Tips to Lower Next Year’s Tax Bill Today
The tax-filing season may be over, but there’s still work to be done for those who want to reduce their tax bill next year. We understand that the last thing you might want to do right now is to think about your next tax return. Nonetheless, while you still have taxes on your mind, it’s smart to take advantage of this opportunity and start preparing for the future.
When it comes to putting your tax-planning strategies into play, there’s no better time than the present. AOG Wealth Management, an experienced, local asset management company, shares these tips to help you lower your tax liability for 2018:
- Maximize Your Retirement Accounts – This is a great place to start, as it can have a positive impact not only on your next tax bill, but also on your long-term financial plans. When you make contributions to your employer-sponsored 401(k) program, the amount will not be included in your taxable income. Those under the age of 50 can contribute up to $18,000 per year to the retirement account, while those 50 and older can contribute a maximum of $24,000.
- Invest in a Health Savings Account – Another tax-advantaged savings vehicle you can use is the health savings account (HSA) introduced by the government. HSA contributions are not taxable and grow tax-free, which is why many investment management experts encourage taxpayers to invest in one. It’s important to remember, though, that they are only available to those with high-deductible health plans.
- Give to the Charities You Support – No matter what charity you support, now is the perfect time to make either a cash or gift donation. Be sure to ask for a receipt when you choose to give a gift other than money. This will be counted as a charitable donation on your itemized deductions when preparing your tax bill.
It’s never too early to start planning for next year’s tax bill. While you’re at it, you can consult our asset management and tax preparation experts to simplify the whole process. AOG Wealth Management offers some of the most innovative financial management services, offering you opportunities to prepare for your retirement.
Our services areas include McLean, Washington D.C., and other communities across the region. You can call us at (866) 993-0203 or complete our form to schedule a complimentary consultation.
Securities offered through TD Ameritrade Institutional Services located at 7801 Mesquite Bend Drive, Suite 112, Irving, TX 75063-6043. Investment advisory services offered through AOG Wealth Management, Inc. AOG Wealth Management, Inc. is neither an affiliate nor subsidiary of TD Ameritrade Institutional Services.
The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.