Strategies to Lessen your Tax Bite

Friday, November 20, 2015

Original Article from CNBC Jennifer Woods, special to Tuesday, 17 Nov 2015 | 7:00 AM ET

Death and taxes may be two of life's major certainties, but just as healthy living can help extend your life, savvy tax moves can help boost your tax savings – as long as you make them before Dec. 31.

There are no significant tax changes looming as 2015 winds down, which is good news. However, that's no reason to slack on your year-end tax planning.
There are myriad strategies that can be used to lessen your tax bite, from more basic maneuvers to shave a few bucks off your tax bill to more sophisticated estate-planning tactics, which for some could amount to millions in savings.

"There are various things to look at from deferring income to accelerating deductions to managing net investment income tax," said Jordan Niefeld, a CPA and certified financial planner with Raymond James & Associates.

"Working with someone who knows what they're doing really helps," because they can tailor a strategy that fits with your overall financial plan, he said. Using someone in your state is also particularly important, as state tax laws can vary considerably.   Read Original Article >

Tax Preparation