Personal Tax Planning for the New and Current 2019 Regulations

It’s time to start planning for the new 2019 Tax Regulations and 2021 fillings!

Tax planning is the key to successfully and legally reducing your tax liability. Katz&Co will go beyond tax compliance and proactively recommend tax strategies to maximize your after-tax income.

At Katz&Co make it a priority to enhance our knowledge of the current tax law, complex tax codes, and new tax regulations through professional affiliations and study

Our clients continually pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

Tax planning is the key to preserving personal wealth!

Now is the Time for your Tax Planning

Now that we are in the final quarter of 2018, it is time to think about the possibility of reducing this year’s, and possibly next year’s, tax liabilities.

  • New tax policies beginning in 2018

There are fundamental changes to the tax code for 2018. Some of the most sweeping changes  include major changes in pass through income under section 199A. If your income is primarily derived from businesses you own or are a partner in expert understanding of this regulation is critical.

The changes for 2019 are are  minor but are in effect inflation adjustemnts to standard deductions.

There are new income tax rates with fewer tax brackets, a significant increase in the standard deduction, elimination of personal exemptions and the AMT, elimination of the Net Investment Income tax and Additional Medicare Tax, new tax breaks for child and elder care, and major changes in the estate tax.

  • Disclosure of Foreign Accounts

Regardless of other potential tax policy modifications, the IRS will continue to look closely at offshore accounts. If you have an account, retirement account, or business interest with a value over $10,000 in a foreign country, or a foreign business ownership (not through a mutual fund), please let us know as some special rules do apply to you and there are substantial penalties for failure to disclose this information to the IRS.

  • The future of the Affordable Care Act

All Americans have been affected in some manner by the Affordable Care Act during the past few years, and statements made by the incoming presidential administration suggest that tax implications of maintaining health insurance coverage will again change in 2017.

Before this calendar year ends, there are opportunities to defer or accelerate income, accelerate or defer expenses and other opportunities to possibly lower your taxes, such as the use of Net Operating Loss (NOL) or creating capital losses. If you would like us to review with you the potential specific savings available to you, please call us to schedule an appointment.

Working with you and learning about your finances and goals, we design both long and short term tax planning and financial strategies that include…

Professional Services

  • Grow and preserve assets by reducing your total tax.
  • Defer income so you can keep your money now and pay fewer taxes later.
  • Reduce taxes on your income so you keep more of what you make.
  • Reduce taxes on your estate so your family keeps more of what you’ve made.
  • Reduce taxes on your gifts so you can give more.
  • Reduce taxes on your investments so you can grow your wealth faster.
  • Reduce taxes on your retirement distributions so you can retire in style.
    Working with you and learning about your finances and goals we design both long and short term tax planning strategies at Katz&Co’s tax financial planning strategies that will maximize your retention of wealth. Here’s just a few of the Tax Planning and Saving Strategies we develop through expert financial planning. They include…tax planning strategies that include…
  • Splitting income among several family members or legal entities in order to get more of the income taxed in a lower bracket.
  • Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
  • Deferring tax liabilities through certain investment choices such as pension plans, contributions, and other similar plans.
  • Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
  • Preparing an income projection
  • Moving income and reducing taxes
  • Preserving exemptions and deductions
  • Maximizing retirement plans contributions
  • Protecting retirement benefits
  • Bunching deductions
  • Making the most of other deductions
  • Balancing gains and losses
  • Preparing an income projection
  • Moving income and reducing taxes
  • Preserving exemptions and deductions
  • Maximizing retirement plans contributions
  • Protecting retirement benefits
  • Bunching deductions
  • Making the most of other deductions
  • Balancing gains and losses
  • Time income and lower taxes

Here is a link to the official IRS web sight to help with your tax planning.

To find out more or to set up a meeting please email or phone us.

Servicing Rockville,  Chevy Chase, Potomac, Northern Virginia and Washington DC for over 30 years.