Tax Planning | Middlesex County, NJ
Sam Fisher has been providing accounting services to Middlesex County and the New Jersey area for more than 23 years. With an astounding track record for success we are confident that we will able to serve and satisfy all of your tax planning needs.
The Breakdown of Tax Planning
Tax planning, by definition, is the analysis of a financial situation or plan from a tax perspective. Tax planning is used to ensure efficiency, as well as having a financial plan that works in the most tax-efficient manner possible. Tax planning is an important part of a financial planning, as reducing tax liability and maximizing eligibility are both critical for success.
There are many elements to consider for tax planning, including purchases and expenditures, the current income, investments and or retirement plans, and a person's filing status and deductions.
Using a retirement plan to save is one of the most popular ways to reduce your taxes efficiently. If all qualifications are met, contributing money into a traditional IRA could reduce a person’s gross income up to $6,500.
There are several other plans that individuals can utilize to reduce tax liability. For larger companies with numerous employees, 401(k) plans are widely popular. Employees enrolled can defer income from their paycheck directly into their company’s 401(k) plan. The biggest difference between these plans is that the contribution limit amount for a 401(k) is much higher than that of an IRA.
At Sam Fisher CPA, we have people and experience in place to help ensure the best possible tax service. Functioning as the premier accounting firm in Middlesex County and the New Jersey area, our job is to help you every step of the way, offering the best resources and solutions for:
- Tax planning to minimize your firm's overall liability
- Advising you on the tax consequences of business transactions and decisions
- Reviewing and supporting tax return positions
- Analyzing the impact of new tax laws and regulations
- Assisting you in managing your financial statement effective tax rate