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Tax Planning

Methuen, MA, Tax Planning Services

Taxes are a fact of life for every American citizen. While for many people, taxes are merely an annual event; for businesses and individuals with a medium-to-high income, tax management should be a year-round process.

Armen G. Derderian, CPA, M. Tax., CGMA offers tax planning services to the people of Methuen, MA, and the surrounding areas to make the most of their earnings. Contact our firm today to ensure that when you pay your taxes, you only pay what you owe.

Tax planning is essentially the art of achieving what is known as tax efficiency. Tax efficiency involves using tax breaks, deductions, and other opportunities to ethically keep your tax burden as low as possible while protecting more of your income.

There are a variety of methods used for this purpose, and Armen G. Derderian, CPA, M. Tax., CGMA helps to ensure that no stone is left unturned to prevent missed opportunities. Armen’s many years of experience and tax expertise are valuable assets to any business or individual looking to take charge of their tax situation.

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Deductions and Credits

Deductions are claims on your tax return that reduce your total taxable income, with two distinct types to choose from. Standard deductions are available to taxpayers, while itemized deductions allow you to surpass that fixed amount, but require proof such as receipts.

Credits are dollar-for-dollar deductions from your total liability, so this means that the amount is deducted directly from what you owe the IRS, with more than 20 different credits available based on your unique situation.

Deferred Income

Taxation is based on the income you earn throughout the year, increasing your tax burden with every new tax bracket your income enters.

Deferred income is not considered taxable income until it is accessed at a later date. Retirement plans are ideal for this, as well as other types of investments and trusts. For example, if you maximize your retirement investments at $6,000, that amount is not taxable as a part of your annual income and has the potential to keep you from advancing into the next tax bracket.

Professional Tax Planning Services for Businesses and Individuals

Tax planning is an integral part of wealth management and business planning, and the time to start is now. Contact Armen G. Derderian, CPA, M. Tax., CGMA today to schedule a consultation and find out how you can benefit from strategic tax planning!

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