Best Tax Preparation Services in Brookfield, WI

3️⃣ tax strategies that will help you keep more 💰 in your pocket when you have to file taxes next year:nn✅ Income shifting: Slow down and let some of your income fall into the next year, especially if you're right at the edge of a higher tax bracket. This can be as simple as deferring a year-end bonus or accelerating deductions.nn✅ Retirement contributions: Increasing your retirement savings across accounts like 401(k)s and IRAs is a dual-benefit move. For 2024, if you pump up your 401(k) contributions to the max, say around 23K, plus an additional catch-up amount for those 50 or older, you’re effectively reducing your taxable income right now. nnThe same goes for Traditional IRAs, where hitting the limit (around 6K, plus a 1K catch-up for the 50-plus crowd) can offer an immediate tax deduction. nnWhile Roth IRAs don’t lower your taxable income today, they set you up for tax-free growth and withdrawals down the line. By strategically maxing out these contributions, you're potentially lowering your current tax bracket, so you can save this year.nn✅ Capital gains and losses: Knowing when to harvest your investments can make a big difference in your tax bill. Pick the right moment to sell. This will ensure you're in a lower tax bracket to minimize capital gains taxes as part of a smart tax planning strategy.