As 2024 comes to a close it is recommend to conduct a Year-End Tax Review of your financial situation to potentially find opportunities to reduce your tax bill or detect unexpected tax issues before they become a problem. By hiring Diamond Head Tax Group OAHU's Hawaii Tax Services we can help you devise and implement a sound Tax Strategy for Year-End Savings.
Avoid Tax Troubles and Find Year-End Tax Savings by Implementing the Sound Tax Strategies of Diamond Head Tax Group Honolulu Oahu Hawaii Tax Services available in and around 96860 Honolulu, Wai‘anae, Kapolei, Waimānalo, and Pearl City, Hawaii.
96860 Honolulu Tax Services to Implement Sound Tax Strategy Available at Diamond Head Tax Group OAHU Serving Wai‘anae, Kapolei, Waimānalo, and Pearl City, Hawaii
The Hawaii Tax Services of Diamond Head Tax Group Honolulu 96860 will Implement Sound Tax Strategy to seek Year-End Savings for your business. One of the stratagems includes conducting comprehensive reviews to find and resolve tax issues that might otherwise result in unnecessary expenses. By addressing these before the end of the year and the start of the 2025 Tax Season and its deadlines, you will be able to have savings.
To deal with tax policy changes that may be coming in 2025 and to deal with more complicated tax issues Diamond Head Tax Group OAHU is here for you. We will conduct Year End Tax Reviews to assess your financial situation and find opportunities to reduce your 2024 Tax Bill.
We will help uncover ways to reduce your 2024 Tax Bill before the year ends. Here are several pertinent ways to achieve Year-End Tax Savings so you can minimize your annual tax liability:
Reviewing Retirement Savings Accounts
The deadline to contribute to a 401(k) plan to help reduce 2024 taxable income is December 31st. So if your employer's plan allows it, consider making a last-minute lump sum contribution. Diamond Head Tax Group 96860 Honolulu Tax Strategy Services in Oahu Hawaii can help make this an easier process.
For 2024, you can contribute up to $23,000 to a 401(k), and an additional $7,500 if you're age 50 or older.
The deadline for this is April 15 2025, to contribute up to $7,000 into a traditional IRA, with another $1,000 if you're age 50 or older.
If your income does not exceed phaseout limits, your traditional IRA contribution can reduce your taxable income on your 2024 tax return.
Check Your Investments
Do you own stock outside a tax-deferred retirement plan? You can sell your under-performing stocks by December 31st and use these losses to reduce any taxable capital gains.
If your net capital losses exceed your gains, you can net up to $3,000 against other income such as wages. Also, losses over $3,000 can be used in future years.
Selling Appreciated Assets
Consider selling appreciated assets in the tax year that helps you the most. While it may be a bit late in the year, it should still be considered. Let Diamond Head Tax Group 96860 Honolulu Tax Strategy Services Oahu Hawaii handle this for you.
Estimate your current year's taxable income and compare it to next year's projected taxable income, then sell the appreciated asset in the year that will yield the lowest tax. If appropriate, to account for the 3.8% net investment income tax in your estimates.
Finding Tax-Efficient Contributions
While reviewing your appreciated assets consider donating one or more of these assets if it helps you pass the itemized deduction threshold. If it applies, consider donating next year's contributions too in order to maximize the tax savings.
When you donate a long-term asset, which is an asset held for more than one year, you avoid paying capital gains taxes while getting a market value charitable deduction.
Additionally if you are over age 70 1/2 you can make up to $100,000 in direct contributions from a qualified IRA account and not pay tax on the withdrawal.
Review Health Spending Accounts
If you are in a Health Savings Account (HSA), you should maximize your annual contribution to reduce your taxable income as these funds allow you to pay for qualified health expenses with pre-tax dollars.
April 15, 2025 is the deadline for contributing to your HSA and still getting a deduction for the 2024 tax year. The maximum contribution for 2024 is $4,150 if single and $8,300 for married couples. If you are 55 or older you can add $1,000 to your HSA contribution as well.
If you have a Flexible Savings Account, you can carry forward a maximum balance of $640 from 2024 into 2025 if your plan allows this.
96792 Waiʻanae, Oahu
Waiʻanae is a small community located on the west coast of the island of Oahu, Hawaii. This tranquil paradise, far removed from the bustle of Honolulu, boasts pristine beaches, rich cultural heritage, and untouched natural beauty.
Oahu's Waiʻanae Coast is renowned for its breathtaking panoramas, brilliant sunsets, and exceptional above and underwater sporting opportunities. 96792 Waiʻanae OAHU Diamond Head Tax Group OAHU Tax Experts offer Hawaii Tax Services including Implementing Sound Tax Strategy to Seek Year-End Savings for individuals and businesses of this community.
96707 Kapolei, Oahu
Kapolei is a planned community in the city and county of Honolulu and is colloquially known as the "second city" of Oahu. It boasts a large water park, an exquisite golf club, the new Disney Aulani Resort with three lagoons, and a wealth of shopping and restaurants.
Kapolei is a rapidly growing, thriving community, known for its new developments and larger, more affordable homes. Residents enjoy access to an array of modern amenities, from big-box stores and restaurants to resorts and water parks. Diamond Head Tax Group HAWAII serves 96707 Kapolei OAHU with Hawaii Tax Services such as Planning and Implementing Implementing the Sound Tax Strategies for Year-End Tax Savings.
96795 Waimānalo, Oahu
Waimānalo has gained recognition of being one of the best beaches in the United States, though the excellence of the shoreline here has never been a secret to locals, who have always rated it as among the very best on Oahu. 96795 Waimānalo residents can achieve Year End Tax Savings by utilizing the Sound Tax Strategies offered by Diamond Head Tax Group HAWAII Tax Services.
This community remains cozy and free from the commercialization or development that has penetrated even Kailua just nearby. It boasts luxury homes that line the ocean in both sides of the town. These opulent are the definition of wealthy residences, with huge interiors, striking architecture, soaring ceilings and the latest in comfort and technology.
96782 Pearl City, Oahu
Sitting along the north shore of Pearl Harbor, Pearl City is a thriving suburban community and is the third largest city of the island of Oahu. Its name is due to the abundance of pearls that were once found in the waters of Pearl Harbor. This vibrant community is known for its excellent location, diverse population, and array of shopping and dining options.
Residents and visitors can enjoy Pearl City's blend of urban convenience and suburban charm, with a multitude of shopping centers, parks, and recreational facilities, making it an ideal place for families and individuals seeking a balance between city life and a relaxed atmosphere. For Year-End Tax Savings Diamond Head Tax Group OAHU provides 96782 Pearl City, Oahu residents with Hawaii Tax Services including Sound Tax Strategies and Comprehensive Reviews of Investments.
Why Choose DIAMOND HEAD TAX GROUP CPA Services HONOLULU?
As Honolulu continues to expand, we continue to be the trusted local Oahu CPA firm. We are Located in the heart of Honolulu, and are focused on delivering professional and quality CPA Services to the small businesses and residents in Honolulu, Oahu.
We are proud to offer our tax and accounting firm services that help with the financial and business needs of our clients. Whether those needs are personal or business, we are here to provide you the financial guidance you seek.
When you partner with Diamond Head Tax Group, you’ll receive rates that are competitive and reasonable, flexibility that works around your schedule, and excellent client services.
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Contact us and let our skilled OAHU Tax Experts offer their well-rounded tax advice and tailored tax solutions to help you file accurate tax reports. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas.
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