There are few taxes as hotly debated as the individual income tax, especially in Illinois where the state income tax just rose by 66%. Whatever state you’re in, you can bet that individual income tax is likely to rise, so tax planning in this area has become more important than ever.
Dean R. Hedeker, Ltd. design tax strategies for those with complex individual income tax issues. The area is surprisingly complex, with seemingly small decisions leading to a higher tax bracket status, which can carry significant consequences. We’ve saved clients thousands of dollars in unnecessary taxes and have even been called upon to help reverse huge tax bills unwittingly created by leading “big box” tax services. It all comes down to recognizing how and when to change your strategies on:
- Pulling from IRA accounts for retirement income
- Converting to a Roth IRA
- Handling self-employment
- Getting paid as a corporate executive
- Managing multiple sources of income
If individual income tax is a concern to you, feel free to contact us.