“[People] have an opportunity to get ahead of the rush of paying estimated taxes, the rush of calculating tax liabilities or the feeling that they don't have the right strategies in place,” Lane said. “Strategizing last quarter is their last opportunity to get themselves in alignment for any potential tax liabilities or any struggles that they may encounter during the tax season.”
Life events that should trigger a tax review
Major life changes can affect tax returns. According to Lane, individuals should schedule a review before year end if they have experienced:
- Buying a new home
- Having a child
- Forming a new business or becoming self-employed
- Taking over an existing business
“A new homeowner may not get the most significant impact in the first year, but they can start preparing for additional things that they can apply or employ ... that can aid them and lower their tax liability,” Lane said.
Maximize retirement contributions
One often overlooked area of planning is retirement contributions.
“As an individual taxpayer, you do get your tax liability offset by the amount of contributions that you make towards your retirement plan,” Lane said.
For example, someone earning $100,000 who contributes $20,000 toward retirement would only be taxed on $80,000.
“It is really helpful to the individual and to smaller families to offset that tax liability,” Lane said.
Business owners also have options.
“You could have self-employed plans or solo 401(k)s to ... help offset your liability as a retirement plan for their future,” Lane said.
Support for small businesses
For small businesses, the fourth quarter is an ideal time for a financial checkup.
“[Small businesses] need this mid-year, third or fourth quarter checkup to say, ‘Am I in profit, or am I not in profit? What can I do to prepare myself to have a smoother tax preparation process?’” Lane said. “We love small businesses. We love to aid them in their bookkeeping strategies and make sure that they are properly reporting and being in compliance.”
The Right Choice difference
At The Right Choice Financial and Tax Services, accessibility and education are central.
“We're definitely a full support firm,” Lane said. “We take on that advisory role to our clients, educate them and get them the support that they need. That's near and dear to our hearts. [Clients can] access us by phone or by email to say, ‘I have a quick question.’ We want to be accessible, and we want to be available to provide that peace of mind.”
Forming relationships with clients is also very important to Lane.
“I love that [clients] become family to us,” Lane said. “We learn about them. We get to experience their business through them. We get to be a part of their life and their goals. I really love the rapport that I build with my clients and the comradery so I can be a trusted provider and a trusted strategic partner for what they're trying to do.”
Take the next step
To help individuals and businesses prepare, The Right Choice Financial and Tax Services offers a free 30-minute consultation.
“We can look at the past, we can look at the present, and we can look at the future to set up strategies to help [clients] alleviate some of these burdens that come,” Lane said.
Learn more or schedule your consultation today at www.trcfinancialservices.com.
The above story was produced by Multi Platform Journalist Sydney Heller with Community Impact's Storytelling team with information solely provided by the local business as part of their "sponsored content" purchase through our advertising team.
