Lou Haskel, CPA

Manage Capital Gains Strategically: Review your investment portfolio regularly. If you have investments with losses, consider tax-loss harvesting to offset capital gains. Also, holding investments for more than one year may qualify you for lower long-term capital gains tax rates.

Smart tax planning often involves coordinating taxable accounts, tax-deferred accounts, and tax-free accounts (like Roth IRAs or HSAs) to create flexibility in retirement.

Tax deductions reduce taxable income, while tax credits directly reduce the amount of tax you owe. Credits are often more valuable dollar-for-dollar.

"Don't watch the clock; do what it does. Keep going."

Track Business Expenses Carefully: Keep detailed records of all legitimate business expenses, including software, marketing, travel, office supplies, and professional services.

Reminder: Make Estimated Tax Payments: If you're self-employed or have significant investment income, paying quarterly estimated taxes can help you avoid penalties and large tax bills.

Retirement Income Can Affect Your Taxes: Different retirement income sources are taxed differently. Understanding how Social Security, IRAs, 401(k)s, pensions, and investments work together can help create a more tax-efficient retirement strategy.

Tax Planning Isn't Just for Tax Season: Effective tax planning happens throughout the year, not just when it's time to file your return. Small decisions made today can have a significant impact on your future tax liability.

"Live in the sunshine, swim in the sea, drink the wild air."

An LLC is a corporate structure where members cannot be held accountable for the company’s debts or liabilities. This can shield business owners from losing their entire life savings if, for example, someone were to sue the company.