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Finance

Roy Gagaza Provides Advice on Tax Planning

Tax Planning

Preparing for taxes is a smart way to avoid penalties and missed opportunities to take advantage of exemptions says Financial Professional  Roy Gagaza.

MANTECA, CA, November 20, 2021 — As the end of the year approaches, it is an important time for people to start considering taxes. Roy Gagaza says by the end of the year, his clients should know what they need to do in their businesses or personal lives to make the most out of their tax opportunities.

The financial professional has been working in the industry for more than two decades after serving as an officer in the military. His work helps people find the right financial guidance to help them make the most out of their money and plan accurately for retirement. Some of the things tax planning can help with include:

  • Understanding retirement plan distribution options for COVID impact
  • Deduction strategies to make the most out of the account
  • Tax payment estimations for those who are self-employed
  • Retirement planning for future tax burdens and thresholds
  • Taking advantage of tax credits available to the account

“It’s the perfect opportunity to look at taxes and see if you should be giving any tax-free gifts that will help you meet the right threshold,” Roy Gagaza explains. “By the end of the year, there might be certain business purchases you can make that help you out professionally while being a tax write-off. Understanding your tax status is really a win-win, so I can’t recommend it enough.”

He says tax planning should include understanding a long-term financial strategy. When tax planning for retirement, it’s important to know what to expect or rates could end up higher than necessary.

Plus, Gagaza says, “Laws are always changing, so it can be difficult to know what to expect. With a financial guide on your side, you will have a better idea of what you can expect and what to watch for in the future.”

He says planning for taxes this year can also help people set up their game plan for 2022. Rather than wait until the end of the year to make last-minute purchases and donations for tax purposes, he recommends planning early and making those purchases throughout the year.

One problem he often sees is people who tend to leave it all to chance. “Too often, people coming into my office don’t really know what’s going in or out of their accounts,” he says. “There are so many missed opportunities if you aren’t planning for taxes. However, it can be a stressful subject for many because a lot of it feels like a moving target.”

Most of Gaza’s clients are 55 and older, starting to look at serious retirement planning and looking for tax strategies to help them retain more of their money. He says there is never a better time to start tax planning than right now.

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