Skip to main content

    TLWM ClientsFinancial Professionals

  • Home
  • About
    • Our Mission & Values
    • Our Focus
    • Our Commitment
    • Our Process
    • Our Team
  • Our Services
    • Investment Management
    • Financial Planning
    • Personal Advice
  • Resources
    • Blog
    • Video Library
  • Contact Us
    • Careers
    • Contact
    • Request a Meeting
  • Client Login
  • TLWM Clients
  • Financial Professionals

Tax Planning

    You are here

  1. Home
  2. Blogs
  3. Tax Planning

Tax Planning

Submitted by Texas Legacy Wealth Management on April 3rd, 2017
  • Share on Facebook
  • Google Plus One
  • Tweet Widget
  • Linkedin Share Button
  • Pinterest

 

Tax Planning

April 18th is just around the corner and unless you filed for an extension, the deadline to file your taxes for the year is quickly approaching. Here are a few things to consider in order to try to maximize your tax benefits.

 

Tax Withholding

There are certain restrictions regarding the number of allowances you can claim which may affect the amount you withhold so be sure to check with you CPA before adjusting your withholdings for the year. 

If you think you have underpaid your estimated taxes for the year, you might be able to adjust withholdings for the remaining months in order to try to avoid any penalties for underpayment. Similarly, if you believe you have overpaid your taxes for the year, you might be able to adjust withholding for the remaining portion.

 

Supplemental Wages

Supplemental wages such as bonuses, prizes, severance pay, overtime pay and commissions, among others, may be subject to a flat withholding rate of 25%. If your normal withholding rate is different than this, be sure to factor the difference into your estimated tax calculations.

 

Tax-Loss Harvesting

You can consider selling capital assets that will generate a capital loss in order to offset any short-term capital gains. As a taxpayer, you might be allowed to deduct up to $3,000 of net capital losses against ordinary income each year. Any losses in excess of these might be able to be carried forward to following years.

At TLWM we seek to help you make the most of your resources by trying to help you address a variety of financial needs. These include estate planning, tax planning, wealth transfer and preservation strategies, and asset management. This allows us to try to create a realistic, comprehensive financial plan that is catered to your specific needs and adaptable to your changing circumstances.

 

 

Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through TLWM, LLC., a registered investment advisor and separate entity from LPL Financial.

This information is not intended to be a substitute for specific individualized tax or legal advice.  TLWM and/or its investment representatives do not provide tax advice. We suggest that you discuss your tax or legal issues with a qualified tax advisor and/or attorney.

Consult your financial professional before making any investment decision.

 Investing involves risk including loss of principal.

Tags:
  • Taxes
Sidebar_image.jpg

Market
Commentary

Read Blog

Get the Latest News

Sign up for TLWM Blog

 

Categories

  • College Planning (1)
  • Plan (3)
  • Press Release (2)
  • Taxes (3)
  • WMC (124)

TLWM TWEETS

Tweets by @TexasLegacyWM

TLWM CONTACT

    
Phone: 210.541.8600
Phone: 210.541.8600
Email: info@texaslegacywealth.com
40 N.E. Loop 410, Suite 644
San Antonio, TX 78216

Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through TLWM, LLC., a registered investment advisor and separate entity from LPL Financial.

The LPL Financial registered representative associated with this site may only discuss and/or transact securities business with residents of the following states:AL, AR, AZ, CA, CT, FL, GA, KY, LA, MA, MI, MN, MO, MS, NC, NJ, NM, NY, OK, TX, UT, VA, WA​,WV.

©2019 Texas Legacy Wealth Management

© 2019 Texas Legacy Wealth Management. All rights reserved.