Save on Taxes By Being Proactive Instead of Reactive

Tax planning with your financial adviser can add up to huge savings.

During March, many of us turn our attention to taxes. After all, the IRS expects to hear from us every year by the middle of the following month. You may have your trusted accountant take care of the numbers for you, or you may go the do-it-yourself route and use TurboTax or a similar program. Each year, you or your accountant looks back over the previous year and finds every possible way to maximize your deductions and minimize your tax liability. In a nutshell, this is tax preparation.

You're looking for deductions related to property tax or mortgage expenses. Or, if you had significant medical expenses tallying more than 10% of your adjusted gross income, you may have yet another potential deduction. In many ways, a bulk of tax preparation is looking back to find these deductions, which can add up to incredible savings for the year.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Ron Gelok, Investment Adviser
Financial Advisor and President, Ronald Gelok and Associates

Ronald Gelok is the founder of Ronald Gelok and Associates, a Registered Investment Adviser firm. His clients find that, after working with him, they have moved significantly forward in their planning, simplifying their finances and obtaining greater confidence about their financial future. Ron's radio show, the "Ronald Gelok Retirement Power Hour," is the home for New Jersey's financial talk radio, and he co-authored the book "Successonomics" with the renowned Steve Forbes.