It’s an old saying but still holds true: nothing is certain except death and taxes. But do you know where those taxes actually go? For more than 50 years, Weaver Insurance & Financial Advisors in Waynesboro, VA, has helped its clients understand financial issues such as tax management, budgeting, and retirement planning.
The staggering amount earmarked for taxes each year covers a lot of territory. According to data from the White House, a whopping $3.5 trillion in 2014 was spent in several major categories. Social Security and income programs received the most, comprising one-third of the budget. This includes retirement and disability programs for federal employees to food assistance and unemployment compensation. Eighteen percent of the budget went to defense and related items while Medicare and health programs received 24%.
Have taxes become one of your biggest budget items? The professional financial planners at Weaver Insurance & Financial Advisors will advise you on taking the necessary steps to manage your overall tax bill. Each plan is customized to you, taking into consideration several factors such as family makeup, income, and retirement goals.
Weaver Insurance & Financial Advisors takes a comprehensive look at your personal situation to determine the best tax planning strategies. For instance, filing your tax return as single or married filing jointly or head of household may have an impact on how much in taxes you pay. Knowing about other factors such IRA distributions, capital gains, and even alimony can also affect the amount.
Other ways to manage or even lower your tax liability are found through standard and itemized tax deductions, including often overlooked ones. You can also receive tax credits for having children, adopting a child, or currently having kids in college. The experts at Weaver Insurance & Financial Advisors will help you take advantage of all the eligible tax benefits available to you.
To schedule an appointment to discuss your unique tax situation, call Weaver Insurance & Financial Advisors today at (540) 943-1221. Visit our website to learn more about their range of insurance, retirement planning, and investment services.
This information is not intended to provide specific legal, accounting, investment, tax or other professional advice. Please consult with a professional regarding your individual circumstances.Filed Under: Financial Services