Some Mondays are harder than others.
That’s why I make it a point every Monday to sit down in my office here in Sugar Land, some caffeine in hand here at my desk and write to you–to lift your eyes, to remind you of what’s possible…and, in the doing, it does wonders for *my* state of mind.
Yes, even I can fall prey to the Monday Blues. That’s why I write, actually.
Because I get to remember the families we are privileged to walk with — through hard times, and good — and I get a shot of energy. When I think about the businesses we guide through the morass of this economy … well, it makes every Monday worthwhile.
Sure, “Monday Blues” is sort of cliche. But it got that way because it’s just the flat-out reality for so many.
Tax time blues are all-too-common, as well. But getting a “surprise” in March or April is 100% avoidable. Half of that task is complete when you work with the right professional [check!]; but the second half is to ensure you move NOW, when you still have time to set things up right.
A few good moves to make, right now, are below–plus, a little offer to make them even easier. Call us: [(281) 937-0447] to make it work for you …
Sugar Land’s Premier Tax Expert Explains More Autumnal Tax Moves Before The Cliff (Part 2)
Many of the tax breaks we’ve all been enjoying for almost a decade are set to expire at the end of the year. That’s the bad news.
Worse: some of my clients right here in Sugar Land, and beyond, will likely owe Uncle Sam more money next year — unless they do something about it. This is particularly true if you’re in the highest tax bracket, scheduled to go from 35 percent to 39.6 percent (even with a Romney victory, who has pledged to seek a lower tax bracket, a lame duck Congress is unlikely to play along). Also slated to increase are the tax rates on capital gains, currently at 15 percent for most investors.
But you can make some moves, my friend.
Move #1: If you fall into this higher-taxed category especially, accelerate income into this year so you’ll owe taxes on the money at today’s lower tax rates. Talk to your employer about moving any bonuses or commissions into 2012 (rather than ’13).
Move #2: Regardless of your tax bracket, it’s also an ideal time to cash in some long-term winners in your portfolio so you can take advantage of today’s lower capital gains tax rates.
Move #3: Next, anyone can convert a traditional IRA to a Roth, again regardless of your income. Another impending tax, the Medicare tax on high earners, also has created more incentive to convert to a Roth. This tax is part of the health care reform law and will apply to investment income of higher earners starting in 2013.
Sit down with us, and let’s explore whether moving to a Roth is right for you. We’ll run the numbers to determine whether you should pay all your Roth conversion taxes this year at lower rates — or sit tight. This could make a big difference, depending on the rates.
In review: Take as much income as possible NOW. Again, with Congressional inaction quite likely regardless of the presidential election’s outcome, it’s likely that the oft-discussed “fiscal cliff” will hit us. So, if you’re able to realize capital gains, or have your employer accelerate any of your income, or perhaps convert to a Roth IRA, doing so for this tax year will be extremely beneficial, compared to 2013.
There are more moves to make–but they depend on your particular situation. It would delight me and my staff to no end to have the chance to set you up for paying the least amount of taxes possible for 2012 … so, let’s do something about this, shall we?
$57.00 Towards Tax Planning Strategy Session
Print out this page and bring it to our office for a special strategy session for how you are using your income. We’ll identify the BEST ways for you to maximize your wealth for the current year, so that we won’t just be “cleaning up” after the fact. Time to protect yourself from the coming flood of new tax law changes!
Deadline: November 2nd, 2012
Limit: First 6 respondents only (we’re limited by capacity)
Call us ((281) 937-0447) now!