Maximize Your Tax Savings; Strategies for Individuals and Businesses

As the year draws to a close, individuals and businesses alike can take advantage of various tax-saving opportunities to reduce their tax liability and enhance their overall financial well-being. By implementing strategic tax planning measures, you can effectively navigate the complexities of the tax code and potentially lower your tax burden. A tax planning session is a meeting between a taxpayer and a WMFA tax planning professional to discuss the taxpayer's financial situation and identify opportunities to minimize their tax liability. Tax planning sessions can be helpful for taxpayers of all income levels and can cover a wide range of topics, including: Income tax planning: This includes reviewing your income sources, deductions, and credits to identify ways to reduce your taxable income. During a tax planning session, the tax professional will typically: Review your financial information: This includes your income tax returns, bank statements, investment statements, and oth