HOUSTON – The end of the year is a great time to examine your finances and prepare for the upcoming tax season.
Trevor Shakiba, private wealth advisor with Ameriprise Financial, and Kevin Jenkins, a CPA with Jenkins & Associates, explain how you can actually save money when filing your taxes next year.
Review your individual portfolio, maximize retirement accounts and consider selling holdings, which have losses within your taxable account.
"When it comes to financial planning, investments, but actually taxes as well, you need to be proactive not reactive," Shakiba said.
If you're a business owner, then you should also look into bonus depreciation, which has expanded to 100% from 50% in previous years.
There's also a new qualified business income deductions that allows many businesses to deduct up to 20% of income.
To learn more or to start investing with The Shakiba Group, click here.
To connect with Jenkins & Associates, click here.
Sponsored by The Shakiba Group