Strategic tax planning is one of the best ways to save money. Ed Lloyd & Associates, the popular tax experts have listed below are some of the best ways to save thousands of dollars on tax:
You need to first know if your company offers a retirement plan. Some of the most popular ones these days include SIMPLE IRA, 401(k), 403(b) etc. Once you know about this, it is time to know if you qualify. Here, it is crucial to make sure you contribute an adequate amount to the company so as to acquire the desired match. For instance, if according to the benefits package you go for, the employer will match around 50 per cent of the contribution by an employee (6 per cent of his salary). This means contributing 6% will make your company kick in about 3 per cent. To sum up, you need to increase the contributions to ensure more savings on tax bill each year. “So it is time to contribute more towards the retirement accounts,” says Ed Lloyd CPA
Term Life Insurance
A lot of employers will offer group term life insurance to their employees. This is given as an integral part of their benefits package on salary. The amount offered is generally one to times of the salary offered to the employee. In case, you have dependents such as spouse or children; then you can sign up for extra coverage on term life insurance. Here, you may even purchase an individual term life insurance plan to guarantee assets for the family in the event of something happens to you. Naming a beneficiary is important.
In case, you take bus or metro to work on a daily basis, then your employer may offer you commuter benefits. This facilitates you to pay for expenses on public transit through your pay-checks via the use of pre-tax dollars. According to Ed Lloyd, this may seem to be a very small change but it can save you a good amount of money on expenses that have become an integral part monthly budget.
For more information on tax planning, read – Top Benefits of Hiring a Professional Accountant- Ed Lloyd and Associates PLLC
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Ed Lloyd points out a few tax benefits that self-employed people in the USA enjoy:
Ed Lloyd & Associates PLLC are a Certified Public Accountant and provide various accounting and tax services to organizations and individuals in Charlotte. Their experts point out that many people have now started giving up their jobs and moving to freelancing and other self-employment methods. These people have a completely different set of issues when it comes to paying taxes. But they also enjoy some tax benefits which their counterparts in full-time jobs would not be eligible for.
Health Insurance –
People who are self-employed are eligible for tax deductions on the amount they might have paid for themselves and their family members. But this is not allowed if he is part of a subsidized health plan that might have been provided by the spouse’s employer.
Home Office –
Edward Lloyd points out that in case a person works from home and uses a part of the home for his/her work purpose, then he/she is eligible to deduct a portion of the housing cost that is being incurred annually. These deductions include the rent or mortgage, insurance and the charges that are spent on utilities.
If a self-employed person uses a part of the house he lives in for the purpose of his work and then he is eligible for deduction on a part of the utility costs that he spends for his work. On the other hand, if the person has rented or uses some other place for his work, then the whole costs incurred on utilities are fully eligible for tax deductions.
Supplies for Office Use –
A self-employed person is also eligible for deductions on the amount he spends to acquire office supplies. This includes chairs, desk, printers, filing cabinets etc.
Thus, according to the experts at Ed Lloyd & Associates self-employed people can save a lot of money by understanding the benefits that have been given to them under the income tax law.
Want to know about the tax benefits that are enjoyed by senior citizens? Read – Ed Lloyd & Associates’ List of Tax Benefits for Senior Citizens in USA
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It is very important to sort all your income taxes properly and paying your taxes at the right time can make you prosper in your business as well. It will also keep you stress-free, says Ed Lloyd & Associates PLLC. While paying your taxes on time, there are a number of things that you need to keep in mind. These factors can increase or decrease your tax.
Ed Lloyd CPA one of the renowned tax expert companies specialize in assisting the business owners by giving them the best management advice. They also direct and analyze your business in the right way. The professionals at Ed Lloyd CPA are known for their expertise in the field of taxes, real estate, portfolio management etc.
The managing director of Ed Lloyd & Associates PLLC, PLLC is Ed Lloyd, who is a certified public accountant (CPA). He has 9 years of work experience in the field. He has worked with various regional and local CPA firms and property management firms as well.He did his Bachelor of Science before becoming a CPA.
Ed Lloyd & Associates PLLC specialize in healthcare, real estate, professional services and family owned businesses. They also specialize in managing the taxes in the proper order. They focus on tax planning first before to the other areas. They also form tax reporting and they guide you through the tax process. They provide various tax services and provide beneficial results as well. The indirect taxes are one of the important taxes in any company and Ed Lloyd & Associates PLLC provide numerous services to the taxpayers.
Paying income tax includes a lot of disputes and difficulties that can crop the tax payers completely. And it is the responsibility of an expert like Ed Lloyd & Associates PLLC who can help you pay your income taxes the better way without any kind of stress to the taxpayers.
What to know more about Ed Lloyd & Associates? Read –What is so good about Ed Lloyd & Associates?
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