As the April 15 income tax return deadline approaches, many individuals and business owners are wondering how to decrease taxable income and are looking for ways to reduce taxes.  While it is best practice to consult a knowledgeable CPA or Enrolled Agent, there are some basic steps that can be taken, such as:

• Retirement plan contributions – while most individuals will maximize at $17,500 for 2014, business owners could have contributed up to $57,500 and in some cases even more. For a complete list of annual limits, click here.

• Health savings account (HSA) contributions – similar to retirement plans, HSA contributions reduce taxable income but are meant for medical expenses instead of retirement.

• Business expenses and deductions.

• Charitable contributions.

• Shift income to family members.

• Timing strategies for investment gains.

The tax code is complex but it also offers opportunities for the informed to minimize taxes.  ACG partners with CPAs and Enrolled Agents to help clients implement some of the above strategies.  Give us a call at 804-323-1886 to learn more.