Holmquist & Associates
Tax Tips: Looking Ahead

          

Disclosure:  The following tips won't work for everyone, you'll need to assess your personal tax situation.



Tax tips may help reduce your tax.  Be alert, tax saving ideas com from many sources.

   
  • Set up IRA and pension accounts.  Make contributions by 3/15 and 4/15 deadlines

 

  • Call health insurance representative and discuss a tax-deductible Health Savings Account

 

  • As your employer to reimburse you for business and promotions expenses in lieu of salary

 

  • Talk to financial advisor about DBK pension for your company; could double pension tax deduction

 

  • Consider the finalized rules for federal and state gift and estate tax, and update your plans

 

  • Employ your children and make gifts to your children: Their tax bracket is probably lower than yours

 

  • Annuities, municipal bonds, life insurance-these may reduce your tax, and deserve detailed scrutiny

 

Compliance and documentation: 

 

  • State and federal revenue agencies are expanding their tax compliance and audit operations

 

  • These agencies have more tax examiners and increasingly powerful computers

 

  • There are new brokerage reporting rules

 

  • Many tax penalties have increased

 

  • Documenting, proofing, and communicating are key steps in both tax compliance and tax reduction

 

  • Share ideas and information with your financial, legal, and tax advisors
    • The best ideas come from our customers!

                                                     

              




 mike@holmquisttax.com                        sue@holmquisttax.com                        chris@holmquisttax.com

                                


                                952-476-7440                                   

                               

 

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