Income Tax Planning

Utilizing smart income tax planning strategies can save you thousands of dollars throughout your lifetime.  When it comes to income taxes, the old adage sure applies – “it’s not what you make that matters, it’s how much you keep.”  Proper income tax planning can help you keep more of your hard-earned money rather than paying it over to Uncle Sam.  At DHJJ Financial Advisors, all of our investment advisers are also Certified Public Accountants (CPAs) so we utilize our expertise as CPAs to make sure that we help you pay the least amount of income taxes that you are legally obligated to pay by utilizing smart income tax planning strategies.

Income Tax Planning should be done throughout the entire year but it is most important at the end of each year (i.e., “year-end” tax planning).  Depending on your situation for the current tax year, it may make sense to defer income, if possible, into the following tax year and to accelerate deductions, if appropriate, into the current tax year.  Here are some more things to consider when implementing “year-end” tax planning strategies:

  • Prepare Multiple Year Income Tax Projections
  • Considering the Impact of the Alternative Minimum Tax (AMT)
  • Avoiding Underpayment of Estimated Tax Penalties
  • Strategies for taking Required Minimum Distributions (RMDs) from IRA accounts
  • Taking advantage of all available income tax deductions
  • “Tax Loss Harvesting” - Consider offsetting capital gains by realizing capital losses
  • Consider a “Donor-Advised Fund” for charity
  • Consider a Roth IRA Conversion

The above list is just some of the tax planning strategies that should be considered when performing proper income tax planning.  At DHJJ Financial Advisors, we are more than just investment advisers.  We look at your entire financial picture to make sure that you keep every dollar that you are legally entitled to keep and pay as little income tax as you are obligated to pay.

Take your first step in proactive income tax planning by contacting DHJJ Financial Advisors at 630.420.1360.


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