Tax season is fast approaching. So let’s tale a look at a few concepts that could reduce your liability.
If you want to pay fewer taxes this year, get in touch. Our Illinois tax team knows exactly how to leverage every discount, deduction, credit, gift, donation, and purchase against the tax code.
Stated plainly: We’ve saved millions of dollars for clients and can do the same for you. Get in touch.
Tax Saving Strategies
Shift Income To Lower Your Taxes
To mitigate your tax burden, it’s perfectly legal to transfer money to other people. The key is doing it correctly — and within international, federal, and state guidelines. That’s what we do. Gordon Law develops tailored tax positions for businesses of all sizes, investors in all stages, in addition to individuals and families in all tax brackets.
Shift Expenses To Lower Your Taxes
Tax calculations consider how much money you spend and what on. You can write off certain purchases. A tax law attorney knows all the obscure-but-compliant provisions that both businesses and individuals can leverage to keep more money in their pockets.
Tax Credit Maximization To Lower Your Taxes
Most people don’t take advantage of tax credits because they’re unaware of what’s available. For example, did you know about the American Opportunity Tax Credit, various foreign tax credits, conservation easements, or the Earned Income Tax Credit? There are dozens. This year, we’ll help you maximize every last one that applies to your situation.
Tax Exempt and Tax Deferred Income To Lower Your Taxes
Not all income is taxable, and tax on certain income can be deferred to a later date. We’ll review your expenses, spending habits, and, if applicable, investment portfolio to see where things can be shifted, allowing you to hold on to the maximum amount while remaining compliant.
Specific things, like making an extra mortgage payment and deferring your bonus, can also prove beneficial in minimizing your tax liability.
Investment Maximization To Lower Your Taxes
Many types of investments aren’t taxed and serve as super savings vehicles. We’ll look at your income and determine if you can stash money in a compliant opportunity, thereby reducing taxable income. This is not an option for just the rich and famous. Many clients are surprised to learn that they, too, can take advantage of several “investment” deductions.
Let’s Chat About Lowering Your Taxes
We’ve been at this a long time and know the best strategies to reduce your tax obligation while remaining compliant.
The best way to figure out if we’re the team for you is to get in touch. Let’s talk soon about slashing your taxes.