How Strong Is Your Tax Strategy?

Do you know what tax bracket you are in? Many Americans may not know what tax bracket they find themselves in, but that doesn’t mean that you can’t establish a strong tax strategy. A recent survey suggested that Americans pay, on average, 11% of their income to the federal government, but that doesn’t mean that is what you will plan on paying. In fact, some people will pay less and others will pay up to 30% of their gross income to Uncle Sam.
The good news is that there is a way to hone your tax strategy so you can pay the least amount of taxes possible. First, your tax strategy should include savings that allow you to defer taxes. Savings like a 401K, health savings accounts, or even IRA’s allow you to defer the amount of money that you pay in taxes.
Another good tax strategy is to manage all of your gains. Don’t allow those charitable donations and other tax deductible items pass you by. Take advantage of all the savings that you can to reduce the amount of money you have to pay to the federal government.
Finally, you can reduce your taxes now with savings accounts that allow you to pay fewer taxes. Talk to your tax professional about all of the ways that you can reduce your tax burden as part of your tax strategy.
When you create a tax strategy that considers all options, you can do a lot to reduce your overall tax debt. It involves having good timing and keeping people on your side that understand tax strategy. They can help you take the losses that you may experience and use them to offset the taxes that you pay on your gains. It is a tax strategy that will give you long-term success.

Karla Dennis

As seen in Forbes Magazine, Karla Dennis is an expert tax and business strategist. As an enrolled agent, Karla is licensed to represent taxpayers in all 50 states. She holds a Masters in Taxation and Business Development and is the author of two books, Tax Storm and Against the Odds.

Karla, CEO of consultancy firm Karla Dennis And Associates, Inc.™, has saved her clients thousands of dollars and has been featured in various media outlets such as Forbes, MSNBC, KTLA, Yahoo! Finance, and SmartMoney, marking her as the ultimate tax expert.

As of 2014, Karla became the new host on the “Mind Your Business” radio show, KTLK AM 1150, sharing her financial and business knowledge with the greater Orange County and Los Angeles areas. As a supporter of women’s rights and issues, Karla is part of the Women Network, an organization built to educate and mentor women. In addition, Karla is the radio host for Women Network Radio, a show that aims to uplift and empower women of all walks of life.