How Can You End Up With A Wrong Tax Consultant?

If you check the referrals and do not ignore any commission conflicts, then you might be able choose a professional consultant like David Justin Urbas. Then you can rest assured that your taxes, as well as your financial records, will be in order.

Hiring the perfect tax consultant will help you enjoy the long term benefits of tax returns. Moreover, like David Justin Urbas, the right tax consultant will help you keep your financial records clean as well. However, we often stumble while making decisions in regards to tax consultants. Yet, we can prevent falling into such traps by avoiding some common mistakes while choosing a tax consultant. To know about these common mistakes, read one below:

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What mistakes lead to you hiring a unsuitable tax consultant?

Avoiding Referrals

Many people tend to avoid this step after selecting their tax consultant. However, getting referrals from previous clients will help you determine the work ethics and level of professionalism of the advisor. Know that you should never shy away from this step. After all, this one step will help you get a clear picture of the consultant before he or she even works with you.

Ignoring compensation conflicts

Know that to determine what financial advisor will be right; you need to pay attention to the compensation structures. Advisors generally have two ways of getting compensation. One is fee-based, and the other is commission based. In the former category, advisors can only earn through the fees offered for their financial assistance. Know that such firms are generally registered as RIA or Registered Investment Advisors.

Note that commission-based advisors are mostly Registered Representatives of a brokerage firm. Their commission varies from one product to another, so they will generally push the investments and plans that will benefit them the most. As such, while choosing your tax consultant, make sure that you consider which kind will be worth your time and money. However, no matter what you choose, make sure you do not pay anything before getting the services.

Taking lax attitudes in your stride

Many tax consultants act like you could not possibly understand the terms and financial language they are using. Such advisors won’t even bother explaining to you what and why they are doing something. So it would help if you avoided consultants who have this attitude. Keep in mind that you should ideally hire those advisors, like David Justin Urbas, who will explain all the involved terminology and give you the related information.

Not checking credentials

Many people act too hastily on a personal referral and do not bother to check the tax consultant’s credentials. Know that it is a grave mistake that can result in financial and tax troubles later on. So always remember that you should check the credentials of the consultant and understand what it means. Also, it is advised that you get referrals that aren’t from your personal circles only. Get unbiased outside recommendations as well.

Overall, hiring a reliable and trustworthy tax consultant is not an easy job. However, if you check the referrals and do not ignore any commission conflicts, then you might be able choose a professional consultant like David Justin Urbas.Then you can rest assured that your taxes, as well as your financial records, will be in order.  

Learn about the Different Ways to Save Tax

Justin Urbas helps to get a clear idea about the tax saving ways. In order to get saved from unnecessarily paying extra amounts to the government.

Tax payment to the government is the responsibility of a dutiful citizen, but there are a few ways to curtail the amount. It is true that not many people have detailed knowledge about all these things and get help some professional to ease out their worries. There are some legitimate ways to save tax under the Income Tax Act of 1961. Now which ones will be beneficial for you? Have a talk with Justin Urbas to get a clear idea about the tax saving ways. Since taxation laws are kind of complex and not everyone’s cup of tea, so it is always advisable to get professional help in order to not make any mistakes.

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Make a contribution to the National Pension System – Under Section 80CCD(1B), you will be allowed to contribute to an amount of up to fifty thousand to the NPS. The National Pension System makes a way for you to make an investment in equity and the debt pension funds which will help to form a retirement corpus. The amount can be withdrawn at the age of sixty. Continue reading “Learn about the Different Ways to Save Tax”

Tax Saving Tips To Improve Your Finances Considerably

Reducing tax amounts is not a distant dream but a very favorable reality. You just need to do a couple of things to witness considerable tax savings the coming year. Take a look at some tax saving tips from reputed financial advisor Justin Urbas.

Who does not love saving on taxes each year? As the financial year rolls on into tax filing time, many people are concerned if they can really save taxes. Reducing tax amounts is not a distant dream but a very favorable reality. You just need to do a couple of things to witness considerable tax savings the coming year. Take a look at some tax saving tips from reputed financial advisor Justin Urbas. You can apply them in your own life.

Most Essential Tax Saving Tips for the Average Person

Give Away More To Save More – You might have heard that charity is a good cause, and it is certainly so if you want to save some tax Dollars. This tip is for those who are genuinely interested in supporting different charity causes. If you donate to reputed charities and can produce the proof of that, the amount can be written off while filing your tax return. So, you can support the causes you want and get rewards for your good work.

Become A New Business Owner – If you are tired of the daily grind of your 9 to 5 job, launching a business can be a viable way of making a living. If you are going down that path, you can also save some a big chunk of tax payments. The expenses incurred in getting your new business off the ground are exempt from tax deductions. It makes sense to consult with a leading tax consultant to understand how this works.

Hold Off A Bit On Mortgage Payments – Interest payments for mortgages are subject to tax deductions. So, if you intend to save money during tax time, delay your mortgage payments as much as possible. This is a method which works well for a lot of people. It can really save you some money.

Check Eligibility For Tax Credit – Individuals who are low or moderate earners might be eligible for tax credits. More importantly, if you are making less than 50k you should definitely check your eligibility for income tax credit. New parents are also eligible for tax credits, as the costs of caring for newborns are considerable. You need to be aware of such circumstances to possibly cut down on tax credits.

Save For Your Retirement – Saving money for your retirement can also be a great way of ultimately saving money on your taxes. You can choose to put money into IRAs and 401(k)s to save taxes and also secure your future. Even if you will end up putting more money into retirement, it is a great way of saving on tax payments.

Keep Track Of All Medical Costs – Many individuals fail to realize that certain medical costs are exempt from taxes and will save you money. Tax deductible medical expenses include objects like breast pumps, acupuncture items, bandages etc. You can even check which medical items are deductible on the official website of the IRS.

These tips can help you save money on your taxes and become slightly richer.

Follow These Tips If You Want To Save Taxes This Year

According to leading financial consultant Justin Urbas, you can actually go on to save a considerable amount with certain tax reduction techniques.

Saving taxes is one of the key priorities for millions of people in the United States and around the world. For many businesses and homes, reducing tax deductibles is a great way of feeling wealthy. But is it that easy?

The answer is a resounding yes, according to leading financial consultant Justin Urbas. You can actually go on to save a considerable amount with certain tax reduction techniques. Let us take a look at the steps an average person can implement to save taxes below.

How To Really Save Taxes This Coming Financial Year?

1. Review Your Tax Code – There are incidents every year, of people paying more than they actually need to. It has to do with incorrect tax codes. If you find out you’re on the wrong code, try to be on the right one. It can help you attain realistic tax savings.

2. Do you qualify for credits – Find out if you qualify for tax credits and you might be able to reduce your tax payments. Tax credits are generally allotted to families with child welfare costs, people on disability, and those with low incomes. If you do qualify for any of the above mentioned criteria, you can take advantage of credits.

3. Make donations to charity – Charitable donations are a great way of saving tax dollars and can be incorporated by almost everyone. Donate in a charity that supports causes you believe in. Make your donations towards the latter half of the year. Keep receipts and records of your donations, which can be produced to achieve cost savings.

4. Delay mortgage payments – Many people fail to realize that mortgage interests are tax deductible. Since interest can be deducted from adjustable gross income, mortgage payers stand to make considerable tax savings. This method is incorporated by thousands of people every year.

5. Get a taxman – A taxman or tax consultant is the professional who has to be approached by those who are interested in saving taxes. They are the ones that can create accurate tax files, and find areas where deductions can be made. Many people end up paying more taxes since they make errors during tax calculations.

6. Retirement savings – Saving for retirement will also help you save taxes. SO, if you have not started yet, start investing in 401ks and IRA schemes. If you save for retirement, you get tax deductions on the money that goes towards the retirement plans. Millions of Americans save taxes this way, while enhancing their future security.

7. Become a new business owner – Starting a new business is a valid way of saving taxes this year. If you have been pondering over your business idea, maybe now is the time to act upon it. Costs that are incurred in running your home business, can all be allocated to the expenses column. Many new business owners enjoy tax savings.

These are just some of the tips that can help you make significant tax savings.

Tax Saving Tips That You Can Implement Right Now

Tax consultant David Justin Urbas has some amazing tips that can help anyone save taxes.

Saving taxes is one of the main priorities for millions of homeowners throughout the USA. Every year, when tax time comes around, we try to find ways to possibly reduce the burden on our shoulders. But saving tax legally is not really a simple matter. At the same time, we have the example of many individuals and businesses who are saving considerably. Tax consultant David Justin Urbas has some amazing tips that can help anyone save taxes. Let us take a look at these simple ways anyone can implement in their lives.

Legitimate Ways of Saving Taxes That You Can Follow This Year

1. Save for retirement – It might be high time you considered saving for retirement, as it guarantees a more secure financial future. In addition to financial security, investments made in 401ks and IRA retirement schemes will help you save taxes. That’s because, you can choose to deduct these from your adjusted gross income.

2. Start a new business – This is one of the sure-shot ways of saving those precious tax Dollars. If you have been, mulling over the idea of launching a new business soon, maybe it’s time to start. The wide range of costs that are required by you to run your business, are pushed into the expenses column, which is free from taxation. This is a credible method used by many US residents to achieve their business dreams, in addition to saving on tax payments.

3. Give money away to save taxes – It might sound quite odd at first, but you can actually save a lot by donating. Charitable donations can be made for the causes you believe in. Start by finding the right charities. When you make your donations, be sure to keep records of your transactions. These can be produced to get tax deductions. It is a win win situation as you are contributing to your favorite cause, while saving your money too.

4. Make property investments – Not many of us know that investing in property is a credible way of saving your taxes. If you were interested in purchasing a property, it might just be the right time. The mortgages that you have to pay for new properties are subject to interests, which are tax deductible. Numerous US citizens have made tax reductions with property investments.

5. Delay your student loan – If you are yet to pay your student loan, do not do so immediately. Delay your loan amount payments as long as you can, to receive tax saving benefits. As loans can be deducted from your adjusted gross income, you are set to get better savings. Across the USA, many students at the graduate and undergraduate level follow this method to reduce taxes.

While these are some of the most credible methods on saving taxes, you can also check your eligibility for receiving tax credits, or try income splitting too. We must apply the mentioned methods, to see realistic savings. One can always consult with a leading financial consultant, to know more about such opportunities.