We know how taxes work. Or do we? For most of us, tax season is a high-stress period, one where we feel like the government holds all the cards, and whatever refunds or additional fees we receive are completely out of our hands. That might be the case if all you’re doing is the traditional tax filing– which is really just REACTING to the demands and expectations of tax season.
But what if there were a better, PROACTIVE way?
There is. CleveDoesMore does more to help you find, keep and make more of your own money and one of our easiest methods is Tax Planning.
Did you know that ultimately over half your earnings are earmarked for the government through your taxes, especially income taxes? You technically don’t get to keep any of your own money until the second half of the year. That’s why we celebrate Tax Freedom Day- the day that you’ve earned enough to cover your taxes and can now focus the rest of what you earn on covering your living expenses and any other financial goals. But understanding how taxes work is the first step to understanding how to make them work FOR YOU.
Generally speaking, your taxes are deducted from your pay before you even see a dollar of your salary to protect the government’s interest, ensuring that they don’t have to track it all down later. But even though they are deducted at source, those calculations are made using a rough set of guidelines. During tax filing season, you scramble to collect and submit the relevant data for the government to verify how accurate their rough calculations were. If you overpaid, you get a refund. Underpay, and an additional tax bill will find its way to you- and you do NOT want to get caught by a tax bill you can’t pay!
CleveDoesMore knows how to create custom Tax Planning strategies that work for YOU, helping you to figure out in advance how much you should be paying in taxes, and taking the fear, stress and guesswork out of the whole thing.
Our Tax Planning methods include simulating income and tax credit scenarios specific to YOU, so that we can help calculate your tax obligation, and define your personal pathway to managing your money, paying the minimum tax possible and doing so at exactly the right time.
Because Tax Planning is not only addressing the question “how much?” but also “when?”
Having the advantage of a holistic overview of your tax year allows you to maximize the benefit of certain tax reduction options, keeping more of your own money in real time, rather than getting it back later, and losing potential investment time.
Break free from the stress of Tax Filing season. Take control with CleveDoesMore. Tax Planning is just the start of a beautiful new relationship with your own financial success.
Maximize your money the CleveDoesMore way. Need more encouragement? Take a look at how our tax planning can change your financial outlook:
While there might be general tips that can help people manage taxes, ultimately your financial journey is deeply personal. Successful tax planning MUST take a customized approach to be truly effective. We can’t wait to connect with you and begin the first steps, with your own personalized 360 Financial Blueprint.
In the meantime, here are a few generalized considerations that can help you lower your tax bill:
1. Child tax benefits
2. Leverage business and investment options
3. Income splitting
4. Consider Capital Gains instead of Interest income
5. Use up your RRSP room
© Copyright 2018 Cleve DeSouza, Matrix Mortgage Global, Brokerage Lic# 11108