Professionally Speaking

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Posted October 13, 2009
Recording time: 15:50

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Plan Ahead to Minimize Tax Bite

The first steps to successful tax planning involve getting organized, because investors are unlikely to be able to plan effectively unless they know five basic facts about income and expenses – anticipated levels and types of income; steps available or already taken to reduce adjusted gross income; likely expense deductions that can be maximized; the level of withholding in place; and changes made during the year that could influence filing status (such as getting married). Armed with this knowledge, investors can begin effective tax planning. Tactics may include tax loss harvesting and/or delaying income and bonuses and timely charitable giving – in other words, controlling income and managing the tax bracket. Be aware, however, that if the alternative minimum tax (AMT) system comes into play, planning will be quite different, says Pat Daxon, vice president of Raymond James’ Financial Planning Group, in this edition of Professionally Speaking, hosted by Larry Pugliese.

For personalized advice on tax planning procedures and the benefits that may be gained by prudent planning, please contact a Raymond James financial advisor.

All expressions of opinion reflect the judgment of the Equity Research Department of Raymond James & Associates at this time and are subject to change. Information has been obtained from sources considered reliable, but we do not guarantee that the material presented is accurate or that it provides a complete description of the securities, markets or developments mentioned. Other Raymond James departments may have information that is not available to the Equity Research Department about companies mentioned. We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this presentation's conclusions. We may perform investment banking or other services for, or solicit investment banking business from, any company mentioned. Investments mentioned are subject to availability and market conditions. All yields represent past performance and may not be indicative of future results. Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd. are wholly-owned subsidiaries of Raymond James Financial.