{"id":25548,"date":"2018-03-04T12:00:24","date_gmt":"2018-03-04T18:00:24","guid":{"rendered":"http:\/\/www.discoverclarksville.com\/articles\/?p=25548"},"modified":"2018-03-04T06:45:39","modified_gmt":"2018-03-04T12:45:39","slug":"frazier-allen-eight-moves-to-whip-your-tax-strategy-into-shape","status":"publish","type":"post","link":"https:\/\/www.discoverclarksville.com\/articles\/2018\/03\/04\/frazier-allen-eight-moves-to-whip-your-tax-strategy-into-shape\/","title":{"rendered":"Frazier Allen: Eight moves to whip your Tax Strategy into shape"},"content":{"rendered":"
\n

Get Financially Fit<\/h2>\n

\"F&MClarksville, TN<\/strong> – Tax season isn’t the only time you should be mindful of your taxes. Challenge yourself to tone up your tax strategy and help you keep your taxes in top form year-round. Of course, also be sure to consult your tax professional and financial advisor.<\/p>\n

1. Find A Trainer<\/strong><\/p>\n

You\u2019ll want a heavyweight tax professional in your corner. Don\u2019t have one? Ask your financial advisor, other professionals, friends and family for a recommendation and get interviewing. You\u2019ll need a tax trainer to keep you focused.<\/p>\n

\"Frazier<\/a>

Frazier Allen<\/p><\/div>\n

<\/p>\n

2. Take It To The Max<\/strong><\/p>\n

Push your retirement contributions to the limit. For 2018, you can add $18,500 to your employer-sponsored plan and\/or $5,500 to an IRA, with additional $6,000\/$1,000 catch-up contributions if you\u2019re over 50. Ask your advisors for details. Bulking up your tax-advantaged savings trims your taxable income, too.<\/p>\n

3. Dig Deep<\/strong><\/p>\n

Look long and hard at how your life has changed since the last tax season. Did you get married, have a baby, or send a son or daughter to college? Make sure you understand how life changes can impact your tax bill.<\/p>\n

4. Crunch Your Numbers<\/strong><\/p>\n

Your employer withholds a certain amount of pay for taxes based on your W-4, which outlines the exemptions you want to claim. Withhold too much and you\u2019re giving the IRS an interest-free loan; too little and you\u2019ll owe. Find the number that\u2019s just right by using the withholding calculator on the IRS website (irs.gov\/Individuals\/IRS-Withholding-Calculator) or discussing your W-4 with your tax pro.<\/p>\n

5. Get Disciplined<\/strong><\/p>\n

Getting your taxes in shape takes dedication and commitment. Diligently track and review your deductible expenses, donations and mortgage interest, as well as any credits you\u2019re eligible for. Don\u2019t forget relevant documentation.<\/p>\n

6. No Gains, No Pain<\/strong><\/p>\n

If you sell an appreciated asset, you\u2019ll need to pay resulting capital gains taxes. You can use the proceeds or pump up savings. While you\u2019re at it, check out any capital losses you may have on the books, too.<\/p>\n

7. Lose The Weight<\/strong><\/p>\n

Cut loose any investments that are weighing down your portfolio to offset gains from the winners. This strategy is called tax-loss harvesting.<\/p>\n

8. Set A Goal<\/strong><\/p>\n

Flex the power of your generosity by focusing your giving strategy on a specific location or single cause. A more organized and tax-efficient approach, perhaps through a donor-advised fund or other dedicated vehicle, could help you help others more effectively.<\/p>\n

Discuss these steps and others with your professional tax advisor; your financial advisor can help coordinate the conversation. Then you can relax, knowing you\u2019re in great shape for the next tax season.<\/p>\n

Next Steps<\/h3>\n
    \n
  • Familiarize yourself with tax-saving strategies<\/li>\n
  • Make a commitment to be mindful of taxes year-round<\/li>\n
  • Consult your tax professional and financial advisor.<\/li>\n<\/ul>\n<\/div>\n

    Material prepared by Raymond James for use by its advisors. Raymond James is not affiliated with any companies mentioned in this material.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    Get Financially Fit Clarksville, TN – Tax season isn’t the only time you should be mindful of your taxes. Challenge yourself to tone up your tax strategy and help you keep your taxes in top form year-round. Of course, also be sure to consult your tax professional and financial advisor. 1. Find A Trainer You\u2019ll […]<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[3],"tags":[825,31641,2702,2703,25904,6348,31683],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p4xGYI-6E4","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/25548"}],"collection":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/comments?post=25548"}],"version-history":[{"count":1,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/25548\/revisions"}],"predecessor-version":[{"id":25549,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/25548\/revisions\/25549"}],"wp:attachment":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/media?parent=25548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/categories?post=25548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/tags?post=25548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}