Everyone that is currently employed in the United States of America pays taxes. There is no legal way to get around paying taxes. Each tax situation is different. Every person gets a different amount of taxes taken out of their paychecks. Every person gets a different amount of money back for different reasons. There are two different approaches to tax planning. Those approaches include reducing taxable income and Deferring payment of taxes to the extent possible. For Wynkoop & Associates, the expert CPAs they employ specialize in reducing taxable income. Wynkoop and Associates is a top rated tax planning service Orange County.
Working with Wynkoop & Associates
Wynkoop & Associates are a tax planning service in Orange County, California. They have registered CPA or Certified Public Accountant, that will look over your financial situation and create a customized tax plan that is within the rules and regulations of Orange County, California. There are many Tax planning services Orange County that will give you a generic tax plan that does not work for everyone. As stated before, Wynkoop & Associates have expert CPAs that will be there to listen and work to benefit your needs. Whether you are a business owner that is looking for help because Orange County tax planning laws are overwhelming or you are looking for help with your personal taxes, Wynkoop & Associates has a plan for you!
Reducing Taxable Income
There are a number of ways the CPAs at Wynkoop & Associates can help to reduce your taxable income. However, there are two main points that they emphasize. The first point is working on your retirement savings plan. While Tax planning Orange County CA, noting how much money you have put into your employer-sponsored retirement fund, such as a 401k account, is essential in reducing your taxable income. As a prominent tax planning service in Orange County, Wynkoop & Associates can advise you to put between $18,000 and $24,000 into your account without being taxed as long as you are over 50 years of age. The second point the CPAs at Wynkoop & Associates feels extremely confident in pushing is selling the things that are losing you money. Your personal CPA will work to offset your capital gains income. If your loss exceeds your gains, you can deduct up to $3,000 from your other taxable income. Any more than $3,000 will roll over to future years.
Other Ways to Reduce Taxable Income
The expert CPAs at Wynkoop & Associates know the Orange County tax planning rules and regulations backward and forwards. There are numerous ways that they can help you reduce taxable income. For example, depending on your income, you can deduct contributions to an IRA, up to $5,500. Another way this tax planning service in Orange County will help you is to advise you to give to charity. Giving to charity is a great way to not only help yourself but help others. Donations of more than $250 will need proof from the charity.