Year-End Tax Planning Tips for Rochester Residents
As the year draws to a close, it's time for Rochester residents to think about year-end tax planning. Here are some strategies to consider:
Maximize Retirement Contributions: Boost your 401(k) or IRA contributions to reduce taxable income.
Harvest Tax Losses: Consider selling investments at a loss to offset capital gains.
Bunch Itemized Deductions: If you're close to the standard deduction threshold, consider bunching deductions into one year.
Make Charitable Contributions: Donations can reduce your tax bill if you itemize.
Review Estimated Tax Payments: Ensure you've paid enough to avoid penalties.
At Redwood Tax and Consultants LLC, our tax preparation services start at $250 for basic returns. For more complex situations, we provide personalized planning at our partner rate of $170 per hour. Let us help you implement these strategies and start the new year on solid financial footing.
