Tax Planning

Form 1040
Tax laws change frequently, making it difficult to stay up to date on changes to tax rates, tax deductions, tax credits and other factors from one year to the next. At HighPoint Advisors, LLC, our financial advisors can help with tax planning as it relates to your investments. Contact our professional financial planners and consultants today to see how we can help you with tax planning.

What Does Tax Savings Mean?

By definition, tax savings refers to paying a reduced amount of taxes. Here are three potential ways to trim down your taxes, including:

  • Reduce your income. The number one factor in formulating your taxes is your adjusted gross income (AGI). The lower your total income, the lower your AGI. And the lower your AGI, the less taxes you will pay come tax time. Taking certain actions, like contributing to a 401(k), traditional IRA, student loan interest paid and out-of-pocket classroom expenses, can help reduce your AGI – and in turn, the amount of taxes owed.
  • Increase your tax deductions. Most people can take advantage of the standard deduction. Some people, however, have the benefit of itemizing their deductions. Itemized expenses may include healthcare payments, state and local taxes, personal property taxes, gifts to charity, job-related expenses and mortgage interest fees.
  • Tap into available tax credits. For greater tax savings, take advantage of tax credits, which you may qualify for if you incur certain college expenses, adopt a child or earn less than a specified amount.

Why You May Need Tax Planning

We offer tax planning services from HighPoint Advisors, LLC. We’ll help arrange your financial affairs and provide tax planning throughout the year to help reduce your taxes. Our experienced financial advisors will also analyze your investments and reallocate assets in a tax-efficient manner that seeks to reduce your taxes and promote savings. Call us at 315-627-0474 to set up a consultation with a financial professional at HighPoint Advisors, LLC.

HighPoint Advisors, LLC does not offer specific individualized tax advice. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.