Tuesday, December 17, 2013

How A Long Island CPA Can Help Tax Planning

By Rob Sutter


I believe that a Long Island CPA will be able to help in various aspects of life, as you will soon learn about as well. There is so much to consider when it comes to tax planning, in particular, and I do not know if everyone understands all of the details that are associated with this field. However, there are ways for you to go about this level of planning in the best of ways, if you'd like to know. Even though many steps can prove useful, here is a list of 3 that may prove to be an effective start.

I believe that there are many different facets to take into consideration when it comes to insurance and damage, so both of them should be taken care of as soon as possible. Not only is this something that many clients will be able to take into consideration but it is one that any authority will stress. A Long Island CPA can tell you that this will be able to help you, especially when you throw in the idea of casualty loss deduction and how it may be maximized. This is where names like Gettry Marcus can help most.

Your health savings account is going to be important, as you will soon learn about once you become eligible. However, as you reach that point where you can make payments, how will you know how much is the appropriate amount to make in the long term? If you ask me, it is in your best interest - if applicable, of course - to make a full year's worth of deductible HAS contributions. This, more than anything else, will ensure that your level of stress will be kept at a low.

There is quite a bit that you can gain from postponing your income until next year if you feel as though this is applicable. First of all, you can rest easy knowing that this will be able to help you accelerate deductions for this year but there is far more to consider, too. Secondly, this will allow you to claim various deductions and credits, amongst them being ones which are tied to higher education. Keep this in point so that, in time, you will be able to find yourself in a lower tax bracket in the long term.

In fact, I think that just about all of these steps are worth keeping in mind in the long term. It is vital for you to handle your tax-related matters in the best of ways and, without question, a Long Island CPA will be able to help in the best of ways. Make sure that you keep this in mind in the long term, though. If you can, you may be surprised by what you can pick up on and the level of information that can potentially become utilized in the future.




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