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Date: Wed, 13 Nov 2024 16:08:36 +0000 (UTC)
From: George Dimov <george@dimovtax.com>
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Message-ID: <92u9e2w080anhq76rzxa9hznq4333tw@convertkit-mail.com>
Subject: Tax planning vs. Tax =?UTF-8?B?cHJlcGFyYXRpb27wn5Kh?=
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To: SmartOne Inc <habib@smartonegroup.com>

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Hi!

Many taxpayers think of taxes only once per year: during the tax
season. While this is sufficient for covering the return filing
obligation, most forward-looking tax strategy must be thought of
proactively ahead of time. This is the main difference between
tax preparation and tax planning.

Tax preparation is backward-looking: although there are
opportunities for optimization, deductions, and strategy in the
prior year, many of these opportunities start to be phased out by
the IRS unless implemented by year-end. Also, since tax
preparation is often done in the most busy time in the season,
many accountants will focus on timely preparation and will ask
that tax planning for future years be scheduled outside of the
busy months of March to April

Tax planning is forward looking and goes over some of the items
below:

* Should I file jointly or separately?
* What tax benefits do I have from my home purchase?
* Are there any tax breaks related to my children that I have not
thought of?
* What deductions can I take for my dormant or startup company?
* How do I get the most out of my 401k, HSA, etc.?
* How does a Roth work and should I use it?
* What business deductions may apply to me that I have not
considered? If I am filing as an employee, what else can I do to
minimize my tax exposure?
* Should I exercise my stock options or sell my equity?
* Is my company withholding enough from my pay to adequately
cover my tax obligation?
* Will I owe taxes this year and if so, what can I do to prepare?
* What programs are there for deferring tax liability?
* Should I move states? What are the tax effects?
* I am not quite sure about my prior year returns & if I used the
most possible deductions/tax benefits. Can you check for me?

These are just a few small examples of the questions we see on a
regular basis. To address some of these, we have two main
checklists: one for business and one for personal. Those
checklists go over some main deductions and strategies. Let me
know if you need either one. We have found that clients using us
for mid-year tax planning tend to save at the bare minimum
several thousand dollars per year (and in some cases into the
five figures in tax).

Regarding timing, if you need to review your tax profile for this
current year or prior years to ensure nothing is/was missed, this
is the time to do that. As we approach year-end, many tax
practitioners will have their hands full with year-end closing
tasks, and many deductions and strategies need time to implement.
Also, the IRS has deadlines on many tax breaks & the related
setup.

Please contact us by early next week if you need help with this.
Or, if you just want to spot check the strategy checklists,
please let me know. Just hit =E2=80=9Creply=E2=80=9D for assistance.

--
=E2=80=8B

George Dimov CPA

www.dimovtax.com

(833) 829-1120 toll free

Unsubscribe (
https://unsubscribe.convertkit-mail.com/92u9e2w080anhq76rzxa9hznq4333tw
) | 211 E 43rd St Suite 7- 100, New York, NY 10017
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<div class=3D"message-content" style=3D"max-width:600px;margin:30px auto;fo=
nt-family:Arial, Helvetica, sans-serif;color:#333">
 <table cellpadding=3D"0" cellspacing=3D"0" style=3D"width:100%;margin:0 au=
to"><tbody><tr><td>
<p class=3D"" style=3D"margin-bottom:1.2em;font-size:16px;line-height:1.5em=
;font-family:Arial, Helvetica, sans-serif">Hi!</p>
<p class=3D"" style=3D"margin-bottom:1.2em;font-size:16px;line-height:1.5em=
;font-family:Arial, Helvetica, sans-serif">Many taxpayers think of taxes on=
ly once per year: during the tax season. While this is sufficient for cover=
ing the return filing obligation, most forward-looking tax strategy must be=
 thought of proactively ahead of time. This is the main difference between =
tax preparation and tax planning.</p>
<p class=3D"" style=3D"margin-bottom:1.2em;font-size:16px;line-height:1.5em=
;font-family:Arial, Helvetica, sans-serif"><strong>Tax preparation</strong>=
 is <u>backward-looking</u>: although there are opportunities for optimizat=
ion, deductions, and strategy in the prior year, many of these opportunitie=
s start to be phased out by the IRS unless implemented by year-end. Also, s=
ince tax preparation is often done in the most busy time in the season, man=
y accountants will focus on timely preparation and will ask that tax planni=
ng for future years be scheduled outside of the busy months of March to Apr=
il</p>
<p class=3D"" style=3D"margin-bottom:1.2em;font-size:16px;line-height:1.5em=
;font-family:Arial, Helvetica, sans-serif"><strong>Tax planning</strong> is=
 <u>forward looking</u> and goes over some of the items below:</p>
<ul class=3D"unordered_list" style=3D"margin-bottom:1.2em;font-size:16px;li=
ne-height:1.5em;font-family:Arial, Helvetica, sans-serif;list-style-positio=
n:inside">
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>Should I file j=
ointly or separately?</span></li>
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>What tax benefi=
ts do I have from my home purchase?</span></li>
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>Are there any t=
ax breaks related to my children that I have not thought of?</span></li>
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>What deductions=
 can I take for my dormant or startup company?</span></li>
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>How do I get th=
e most out of my 401k, HSA, etc.?</span></li>
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>How does a Roth=
 work and should I use it?</span></li>
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>What business d=
eductions may apply to me that I have not considered? If I am filing as an =
employee, what else can I do to minimize my tax exposure?</span></li>
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>Should I exerci=
se my stock options or sell my equity?</span></li>
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>Is my company w=
ithholding enough from my pay to adequately cover my tax obligation?</span>=
</li>
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>Will I owe taxe=
s this year and if so, what can I do to prepare?</span></li>
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>What programs a=
re there for deferring tax liability?</span></li>
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>Should I move s=
tates? What are the tax effects?</span></li>
<li class=3D"list_item" style=3D"margin-bottom:1.2em"><span>I am not quite =
sure about my prior year returns &amp; if I used the most possible deductio=
ns/tax benefits. Can you check for me?</span></li>
</ul>
<p class=3D"" style=3D"margin-bottom:1.2em;font-size:16px;line-height:1.5em=
;font-family:Arial, Helvetica, sans-serif">These are just a few small examp=
les of the questions we see on a regular basis. To address some of these, w=
e have two main checklists: one for business and one for personal. Those ch=
ecklists go over some main deductions and strategies. Let me know if you ne=
ed either one. We have found that clients using us for mid-year tax plannin=
g tend to save at the bare minimum <strong>several thousand dollars per yea=
r</strong> (and in some cases into the five figures in tax).</p>
<p class=3D"" style=3D"margin-bottom:1.2em;font-size:16px;line-height:1.5em=
;font-family:Arial, Helvetica, sans-serif">Regarding timing, if you need to=
 review your tax profile for this current year or prior years to ensure not=
hing is/was missed, this is the time to do that. As we approach year-end, m=
any tax practitioners will have their hands full with year-end closing task=
s, and many deductions and strategies need time to implement. Also, the IRS=
 has deadlines on many tax breaks &amp; the related setup.</p>
<p class=3D"" style=3D"margin-bottom:1.2em;font-size:16px;line-height:1.5em=
;font-family:Arial, Helvetica, sans-serif">Please contact us <strong>by ear=
ly next week</strong> if you need help with this. Or, if you just want to s=
pot check the strategy checklists, please let me know. Just hit =E2=80=9Cre=
ply=E2=80=9D for assistance.</p>
<p class=3D"" style=3D"margin-bottom:1.2em;font-size:16px;line-height:1.5em=
;font-family:Arial, Helvetica, sans-serif">--<br>=E2=80=8B</p>
<p class=3D"" style=3D"margin-bottom:1.2em;font-size:16px;line-height:1.5em=
;font-family:Arial, Helvetica, sans-serif">George Dimov CPA</p>
<p class=3D"" style=3D"margin-bottom:1.2em;font-size:16px;line-height:1.5em=
;font-family:Arial, Helvetica, sans-serif">www.dimovtax.com</p>
<p class=3D"" style=3D"margin-bottom:1.2em;font-size:16px;line-height:1.5em=
;font-family:Arial, Helvetica, sans-serif">(833) 829-1120 toll free</p>
</td></tr></tbody></table>
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x;font-family:Arial, Helvetica, sans-serif;color:#ddd;font-size:11px;paddin=
g-bottom:10px">
  	<a href=3D"https://unsubscribe.convertkit-mail.com/92u9e2w080anhq76rzxa9=
hznq4333tw" style=3D"text-decoration:none;border-bottom:1px dotted #0875c1;=
color:#0875c1">Unsubscribe</a> | 211 E 43rd St Suite 7- 100, New York, NY 1=
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