How to Keep Money Out of Uncle Sam's Hands Legally

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Hello you have a bad name outlook ever liked it did me.

Guess -- stupid new residence.

We arts and we're about to give you more Smart advice your taxes are dead Hampshire you know that -- -- less than two weeks despair.

Uncle Sam will come call land and there's a way to keep less money out of uncle Sam's hands and not wind up in jail -- -- is with moss Adams.

Right is ready to be here when the first thing I always remind people was that go ahead make that contribution.

To a retirement account if you haven't already are there any thing is a -- if it's so you're talking about tax loss selling.

That time -- past but what are the things -- people should people be focused on to make sure that they reduced their tax bill as much as possible.

Yeah it's always harder to do tax planning in the rearview mirror but there are still a few things you can do.

The easiest place to start quite honestly is -- take advantage of all the things that you've already done so you look back to last year may -- paid some tuition maybe you had some child care expenses.

Maybe about a new car and -- -- sales tax those are easy things that are are are often missed.

-- stand in line with your hire a comment to I would say that if you're business -- self employed there still time to set up a new.

Step by Eric Keogh plan get those contributions made and plan set up in the first place to.

And you can make significant contributions to those plans we should point out to be able -- that they'd really could make a difference to your tax bill.

Looking ahead -- should people right here right now expect that their taxes will be higher.

-- for January once or any selling that they need to do particularly to capture capital gains should be done now.

I think that's certainly the general consensus that's the way scheduled to go you know a lot can happen between now and in the -- but.

I'm kind of breaking down tax invest in the two categories as -- income tax side and -- the estate tax piece as well also on the income side clearly you're gonna wanna maybe.

Accelerates some income under the current year harvesting gains maybe you're looking at that Roth conversion you've been putting off.

That there's lots of ways -- you can do that also by deferring expenses into the following year as well.

And and talk about the estate tax because again they exemption.

It means -- chip clients significantly doesn't not.

You have right currently -- at a little over five million dollars which is unprecedented we've never seen that before there's really three factors that make this the perfect storm if you will for for doing planning.

The exemption -- talked about but -- interest rates are at historic lows as well.

And finally valuations of assets so the kind of things that clients might be using to do this kind of planning already have some discounts Billiton and so it's an idea earlier to do estate planning as well.

-- a terrific advice thank you so much for being here Ryan Franklin and happy holidays.

And that.

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How to Keep Money Out of Uncle Sam's Hands Legally

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