{"id":1619,"date":"2022-07-02T12:47:00","date_gmt":"2022-07-02T12:47:00","guid":{"rendered":"https:\/\/wcginc.com\/?p=1619"},"modified":"2026-01-26T16:36:42","modified_gmt":"2026-01-26T16:36:42","slug":"tax-planning-strategies","status":"publish","type":"post","link":"https:\/\/wcginc.com\/blog\/tax-planning-strategies\/","title":{"rendered":"Tax Planning Strategies"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-68b57388c4a42\" class=\" wd-rs-68b57388c4a42 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><\/p>\n<div class=\"overview\">\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400\"><b>Tax planning is year-round:<\/b><span style=\"font-weight: 400\"> Waiting until December creates stress; ongoing planning yields better decisions and savings.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Start with last year\u2019s tax return:<\/b><span style=\"font-weight: 400\"> Use it as a baseline to project taxes, identify credits, losses, and household income impact.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Consider total household income:<\/b><span style=\"font-weight: 400\"> Combined income can push you into higher tax brackets, affecting withholding and payments.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Tax planning deliverables:<\/b><span style=\"font-weight: 400\"> WCG prepares a Tax Plan and mock tax return to forecast obligations and optimize cash flow.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Aim for tax neutrality:<\/b><span style=\"font-weight: 400\"> Target modest refunds ($1,000 federal \/ $500 state) by adjusting withholdings and estimated payments throughout the year.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Business deductions are tools, not reasons to overspend:<\/b><span style=\"font-weight: 400\"> Only make purchases that serve operational needs; tax savings are secondary.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Year-end strategies:<\/b><span style=\"font-weight: 400\"> Include maximizing retirement contributions, charitable donations, income shifting, and timing expenses.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Ethical and practical guidance:<\/b><span style=\"font-weight: 400\"> WCG provides options, arguments, and counter-arguments while maintaining compliance and transparency.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Focus on overall wealth, not just deductions:<\/b> Smart planning balances tax reduction with effective cash management and long-term goals.<\/li>\n<\/ul>\n<\/div>\n<p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6731f52f09667\" class=\" wd-rs-6731f52f09667 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title img-right \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p><img decoding=\"async\" class=\"alignnone size-full wp-image-26087\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/Tax-Planning-Strategies-2.jpg\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/wcginc.com\/wp-content\/uploads\/Tax-Planning-Strategies-2.jpg 300w, https:\/\/wcginc.com\/wp-content\/uploads\/Tax-Planning-Strategies-2-150x150.jpg 150w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>Tax planning strategies are commonly addressed in December as small business owners and other taxpayers start to freak out about bringing in the New Year. However, tax planning is an ongoing and fluid dynamic, and it should be performed methodically throughout the year. Sure, we can slam things together on December 31, but that is operating in crisis mode. Rather, operating in planning mode throughout the year allows for better decisions and better tax savings.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6731f1f0001d8\" class=\" wd-rs-6731f1f0001d8 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Ongoing_Tax_Planning\"><\/span>Ongoing Tax Planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Tax planning starts with the tax return. Huh? The best practice is to use the previous year\u2019s tax return as the anchor for tax projections and what-if scenarios. Commonly a small business owner will contact us and ask us to calculate his or her tax obligation in isolation to the rest of their world. While not impossible, this is an incorrect approach. It is surprising the push back we receive when asking for prior tax returns, \u201cWhy do you need them?\u201d is a common retort. We need them for a ton of reasons\u2026 some are actually good ones (and no, we don\u2019t pile on bad ones just to look complete, but we certainly want to).<\/p>\n<p>First, we need to look at the total household income and all the income sources. Does your spouse work? Do you have rental income? Pension income? Let\u2019s say your business earns $100,000 net income after expenses. Let\u2019s also say your spouse earns $100,000 as a W-2 employee. Separately each $90,000 is in the\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/irs-provides-tax-inflation-adjustments-for-tax-year-2022\" target=\"_blank\" rel=\"noopener\">12% marginal tax bracket<\/a>\u00a0after some assumed tax deductions. But\u2026 when we combine the incomes, they collectively are in the 22% or even 24% marginal tax bracket. Almost double the tax rate!<\/p>\n<p>Another situation can creep up. Let\u2019s say your business earns $150,000 net income but your spouse earns $60,000. When your spouse\u2019s employer processes payroll, the payroll tables can only make total household income assumptions on based on your spouse\u2019s pay rate. Naturally the payroll tables will under-withhold\u2026 and this can happen even when claiming Married 0 on your W-4. This miscalculation will show up on the tax return as a drastic reduction in tax refund or perhaps a tax due. Yuck!<\/p>\n<p>Next are some tax return nuggets that we can use again such as, is there a loss carry-forward? Are there unused tax credits?<\/p>\n<p>So, proper tax planning starts with the tax return so the total household income including withholdings are taken into account. From there we need to poke and prod, and gather some data. Our tax planning questionnaire helps you organize your thoughts and jog the \u201coh, yeah, I want to talk about that\u201d moment.<\/p>\n<p>Also, we get asked all the time \u201cAm I doing everything to save taxes?\u201d The answer of course requires a deep dive into several various tax reduction strategies. The button below is a good place to start.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[vc_row_inner el_class=&#8221;boxes&#8211;pack&#8221; woodmart_css_id=&#8221;672f64599e51f&#8221; responsive_spacing=&#8221;eyJwYXJhbV90eXBlIjoid29vZG1hcnRfcmVzcG9uc2l2ZV9zcGFjaW5nIiwic2VsZWN0b3JfaWQiOiI2NzJmNjQ1OTllNTFmIiwic2hvcnRjb2RlIjoidmNfcm93X2lubmVyIiwiZGF0YSI6eyJ0YWJsZXQiOnt9LCJtb2JpbGUiOnt9fX0=&#8221; mobile_bg_img_hidden=&#8221;no&#8221; tablet_bg_img_hidden=&#8221;no&#8221; woodmart_parallax=&#8221;0&#8243; woodmart_gradient_switch=&#8221;no&#8221; woodmart_box_shadow=&#8221;no&#8221; wd_z_index=&#8221;no&#8221; woodmart_disable_overflow=&#8221;0&#8243; row_reverse_mobile=&#8221;0&#8243; row_reverse_tablet=&#8221;0&#8243;][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6899a92683add\" class=\" wd-rs-6899a92683add wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/tax-planning-1.jpg\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title box-title-style-default wd-fontsize-m\">Tax Planning Services (fees)<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Read about our tax preparation fees, time-based pricing, and how location impacts our services.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"\/tax-support\/tax-planning-services\/\" title=\"\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6899a92f74222\" class=\" wd-rs-6899a92f74222 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/tax-questionnaire-2.jpg\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title box-title-style-default wd-fontsize-m\">Tax Planning Questions<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Check out relevant tax planning questions to optimize financial decisions for business and retirement.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"https:\/\/wcginc.com\/wp-content\/uploads\/2024\/10\/2024TaxPlan-fillable.pdf\" title=\"\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6899a97cd1d1e\" class=\" wd-rs-6899a97cd1d1e wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/Doing-Everything-1.jpg\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title box-title-style-default wd-fontsize-m\">Am I Doing Everything?<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Read how income ranges, deductions, and tax credits impact tax liability and savings potential.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"https:\/\/wcginc.com\/wp-content\/uploads\/2024\/10\/Am-I-Doing-Everything-fillable-1.pdf\" title=\"contact-us\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][\/vc_row_inner]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6731f4ab0d7cd\" class=\" wd-rs-6731f4ab0d7cd wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Tax_Plans\"><\/span>Tax Plans<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p><img decoding=\"async\" class=\"alignnone size-medium wp-image-23697\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/rave-300x183.jpg\" alt=\"\" width=\"300\" height=\"183\" srcset=\"https:\/\/wcginc.com\/wp-content\/uploads\/rave-300x183.jpg 300w, https:\/\/wcginc.com\/wp-content\/uploads\/rave.jpg 328w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>As mentioned earlier, tax planning starts with the tax return, and from there we have some fun. Let\u2019s put aside\u00a0<a href=\"https:\/\/wcginc.com\/business-services\/small-business-tax-deductions\/\">small business tax deductions<\/a>\u00a0and other tax reduction strategies for a moment. Tax Plans, the actual deliverable, are fairly basic, but are super critical. We don\u2019t mind telling you bad news in August, but you shouldn\u2019t be surprised by it in April. There are worse things, but one of the challenges of small business owners is having money in the bank and not knowing how much is theirs. Can I buy a new car, or should I look around for a used one? Your level of frugal-ness is commonly tethered to how much cash you have. Not always. Not dollar for dollar. But certainly influential.<\/p>\n<p>When WCG prepares a tax return we automatically prepare a Tax Plan for the follow year. From there we tweak it and stress-test it again in June and July, and again in November and December (provided there is a greater than 10% change in income from the current tax projection). A quick word; tax planning and Tax Plans do not require NASA precision, however, they do require slightly above bar napkin quality too. Far too often we entertain conversations from taxpayers and small business owners who created elaborate spreadsheets with fancy formulas and color-coded cell references. We smile, and say, \u201cNeat.\u201d The proof is in the tax return pudding\u2026 let\u2019s fire up the beaters shall we?<\/p>\n<p>As such all our Tax Plans end in creating mock tax returns. Again, tax returns are the ultimate measure of tax obligation using current tax rates, tax law, tax deductions, tax credits and all the other things you\u2019d expect on an actual tax return.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6712572cd18b1\" class=\" wd-rs-6712572cd18b1 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none for-border-heading \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Planning_for_Tax_Neutrality\"><\/span>Planning for Tax Neutrality<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Tax planning involves two objectives; one is to minimize your tax obligation. Or as one of our clients said recently, \u201cYou help minimize my taxable surface.\u201d Cool. We like that terminology. After minimizing your tax obligation\u2026 err\u2026 minimizing your taxable surface, we ultimately need to compute your tax obligation. Our second objective at WCG is to achieve tax neutrality on your tax returns by aiming for a $1,000 refund from the IRS and $500 refund from the state. How do we do this? If you are an S Corp shareholder, we increase your income tax withholdings on your\u00a0<a href=\"https:\/\/wcginc.com\/business-services\/s-corp-salary\/\">officer salary<\/a>\u00a0so that at the end of the year we land on the targeted annual tax withholdings. If we can achieve this through payroll, then we recast estimated tax payments to again land on the targeted annual tax payments.<\/p>\n<p>Far too often, other tax professionals and CPAs compute estimated tax payments in spring for the rest of the year and then freak out in December when those estimates are not creating tax neutrality. WCG and its gaggle of\u00a0<a href=\"https:\/\/wcginc.com\/about-us\/meet-our-team\/\/\">Colorado Springs CPAs<\/a>\u00a0does things differently by visiting tax planning and bracketing your tax obligation throughout the year.<\/p>\n<p>Again, we define tax neutrality as refunds from the IRS and the state. Those are our objectives with tax planning, but they don\u2019t have to be yours. We commonly hear clients say, \u201cI don\u2019t mind owing $5,000. I just don\u2019t want to owe $25,000.\u201d Fair enough. We also hear taxpayers especially small business owners who say, \u201cI need the cash right now for a new house \/ business expansion. I\u2019ll worry about next time, next time.\u201d Again, fair enough. As long you know your tax bill through accurate tax planning, we\u2019ve done our job.<\/p>\n<p>Some people claim, \u201cI can earn more with my money in my pocket than giving it to the IRS.\u201d Sure\u2026 but keep in mind your return on investment in a cash-equivalent investment is probably around 1% annually and you run the risk of being assessed an underpayment penalty by the IRS. If you need your cash for a house down payment or buying more inventory \/ equipment, that is one thing. But to park it in a CD because you want to beat the IRS, that is fool\u2019s gold.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6731f4c5264a3\" class=\" wd-rs-6731f4c5264a3 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title img-right \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Business_Tax_Deductions\"><\/span>Business Tax Deductions<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>We don\u2019t want to spend a lot of time on\u00a0<a href=\"https:\/\/wcginc.com\/kb\/small-business-tax-deductions-themes\/\">business tax deductions<\/a>\u00a0in this blog post. We have written a whole chapter in our\u00a0<a href=\"https:\/\/wcginc.com\/business-services\/book\/\">Taxpayer\u2019s Comprehensive Guide to LLCs and S Corps<\/a>\u00a0on business deductions. We have other blog posts on\u00a0<a href=\"https:\/\/wcginc.com\/kb\/automobile-decision-tree\/\">buying automobiles<\/a>, home office deductions,\u00a0<a href=\"https:\/\/wcginc.com\/turbocharged-401k\/\">maximizing 401k<\/a>\u00a0or defined benefits pension contributions,\u00a0<a href=\"https:\/\/wcginc.com\/kb\/adding-your-spouse-to-payroll\/\">adding your spouse to payroll<\/a>,\u00a0<a href=\"https:\/\/wcginc.com\/kb\/pull-money-out-of-the-s-corp-accountable-plan\/\">Accountable Plan<\/a>\u00a0reimbursements,\u00a0<a href=\"https:\/\/wcginc.com\/kb\/sutter-rule\/\">Sutter Rule<\/a>\u00a0and all kinds of other cool things.<\/p>\n<p>But we need you to keep a few things in mind. First, you buy stuff for operational need (or for fun). If we can make your expenditure a tax deduction or a tax credit, then awesomesauce all around. But! Do not spend money just for the tax deduction. If your marginal tax rate is 24%, spending $10,000 saves you $2,400, sure, but you still have $7,600 in cash leaving your body.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-26089\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/Tax-Planning-Strategies3.jpg\" alt=\"\" width=\"300\" height=\"200\" \/>Far too often we hear \u201cbut it\u2019s a business write-off\u201d at a cocktail party\u2026 just because it is a business tax deduction doesn\u2019t mean the cash isn\u2019t real. Houses are green and hotels are red in Monopoly, but your cash is still your cash.<\/p>\n<p>Second big consideration is this\u2026 at times we run out of bullets in tax planning gun. The quickest way to reduce your tax bill is to make less or spend more. Both of those options sound silly. Again\u2026 same cocktail party\u2026 different crazy person\u2026 and we hear, \u201cI don\u2019t want to make too much money because it\u2019ll just be taxed.\u201d Nonsense. The highest marginal tax rate is 37% which means for every dollar you earn you still take home 63 cents. We understand your effort might not be worth 63 cents\u2026 and that is a personal thing\u2026 but 63 cents isn\u2019t 91 cents.<\/p>\n<p>91 cents?! In 1965, the marginal tax rate at $400,000 was 91%. Sure, $400,000 is a crapton of dough\u2026 and sure\u2026 it might have made sense to stop working in October if you are only taking home 9 cents on the dollar. Today, that thinking might be short-sighted. According to\u00a0<a href=\"https:\/\/www.investopedia.com\/taxes\/countries-highest-income-taxes\/\" target=\"_blank\" rel=\"noopener\">Investopedia in an October 2019 article<\/a>, the U.S. ranks 21st in terms of effective tax rates for married people with Turkey, Denmark, Finland, Netherlands and Norway rounding out the top 5 highest tax rates.<\/p>\n<p>The trick with small business tax deductions is to find dollars that are already leaving your body and that you are comfortable with spending from a budget perspective, and attempt to find a business connection. Was that meal with an associate who might also be a friend a\u00a0<a href=\"https:\/\/wcginc.com\/blog\/business-meals-tax-deduction\/\">business meal tax deduction<\/a>? Could I justify a home office and reduce my non-deductible commuting expenses? I need a new car, can it be a business car?<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6731f255950da\" class=\" wd-rs-6731f255950da wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"End_of_Year_Tax_Planning\"><\/span>End of Year Tax Planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>We don\u2019t want to spend a lot of time on\u00a0<a href=\"https:\/\/wcginc.com\/year-end-tax-planning\/\">year-end tax planning<\/a>\u00a0either since we have additional blog posts and webpages devoted to this topic. The recurring themes remain the same with 401k and IRA contributions, charitable donations, profit harvesting your investments, paying your bills earlier, income shifting, paying bonuses sooner and other things.<\/p>\n<p>Contrary to popular belief, there is no secret tax deduction club that only a few of us know about, and even fewer talk about. This isn\u2019t fight club, OK? Thanks to all the internets the speed and volume of data simply puts all ideas and thoughts on the forefront. Are there little tricks that some accountants aren\u2019t aware of? Sure. Do accountants routinely inject their level of risk aversion into your decision-making? Yes. At WCG we will ensure ethical guidelines are met and clear tax positions are followed. But please do not call us and let us know that your neighbor\u2026 the one with two homes and a yacht\u2026 does not pay taxes. Stop believing everything heard at a cocktail party.<\/p>\n<p>Having completed our rant, we swim in the grey waters with slivers of white and black. We will provide you with options, arguments and counter-arguments. Ultimately it is your life, and we will offer guidance as you walk thru it.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[vc_row_inner el_class=&#8221;boxes&#8211;pack&#8221; woodmart_css_id=&#8221;672f64599e51f&#8221; responsive_spacing=&#8221;eyJwYXJhbV90eXBlIjoid29vZG1hcnRfcmVzcG9uc2l2ZV9zcGFjaW5nIiwic2VsZWN0b3JfaWQiOiI2NzJmNjQ1OTllNTFmIiwic2hvcnRjb2RlIjoidmNfcm93X2lubmVyIiwiZGF0YSI6eyJ0YWJsZXQiOnt9LCJtb2JpbGUiOnt9fX0=&#8221; mobile_bg_img_hidden=&#8221;no&#8221; tablet_bg_img_hidden=&#8221;no&#8221; woodmart_parallax=&#8221;0&#8243; woodmart_gradient_switch=&#8221;no&#8221; woodmart_box_shadow=&#8221;no&#8221; wd_z_index=&#8221;no&#8221; woodmart_disable_overflow=&#8221;0&#8243; row_reverse_mobile=&#8221;0&#8243; row_reverse_tablet=&#8221;0&#8243;][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6899a99c85372\" class=\" wd-rs-6899a99c85372 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/Year-End-Tax-2.jpg\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title box-title-style-default wd-fontsize-m\">Year End Tax Planning<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Year-end tax planning tips and strategies to save money and prepare for the upcoming tax year.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"\/tax-center\/year-end-tax-planning\/\" title=\"\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6899a9cc4bebd\" class=\" wd-rs-6899a9cc4bebd wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/charitable-donation-rule-1.jpg\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title box-title-style-default wd-fontsize-m\">Charitable Donations Rules<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>See rules on tax-deductible donations, eligible organizations, and charitable contributions.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"\/blog\/charitable-donations-revisited\/\" title=\"\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6899a9e4545ad\" class=\" wd-rs-6899a9e4545ad wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"200\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/104257_498500681_roth_401k_300-1.webp\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title box-title-style-default wd-fontsize-m\">Turbo Charged 401k<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Click here to maximize your 401k with options like profit sharing or cash balance plans effortlessly.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"\/business-services\/turbocharged-401k\/\" title=\"contact-us\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][\/vc_row_inner]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-68b573ad8eb8a\" class=\" wd-rs-68b573ad8eb8a wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title faqs-wrap \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title box-title-style-default wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><\/p>\n<h3><span class=\"ez-toc-section\" id=\"When_should_I_start_tax_planning\"><\/span>When should I start tax planning?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Year-round; don\u2019t wait until December. Early planning provides better decisions and savings.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_use_last_years_tax_return_for_planning\"><\/span>Why use last year\u2019s tax return for planning?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It helps project taxes, track credits\/losses, and account for total household income.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_tax_neutrality\"><\/span>What is tax neutrality?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Structuring withholdings and estimated payments to aim for small, predictable refunds instead of surprises.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_spend_money_just_to_get_a_deduction\"><\/span>Should I spend money just to get a deduction?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No; purchases should serve business needs first, tax savings second.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_does_household_income_affect_taxes\"><\/span>How does household income affect taxes?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Combined income may push you into higher tax brackets, affecting your overall tax liability.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_included_in_year-end_tax_planning\"><\/span>What is included in year-end tax planning?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Maximizing retirement contributions, charitable donations, income shifting, and timing expenses.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_there_secret_deductions_Im_missing\"><\/span>Are there secret deductions I\u2019m missing?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No; most deductions are widely known. Smart planning focuses on applying them effectively.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_do_business_deductions_work\"><\/span>How do business deductions work?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Expenditures with a legitimate business purpose can reduce taxable income but shouldn\u2019t drive spending decisions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_Tax_Plans_guarantee_exact_outcomes\"><\/span>Do Tax Plans guarantee exact outcomes?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No; they forecast obligations using best estimates and current laws to guide decisions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_does_WCG_handle_ethical_guidance\"><\/span>How does WCG handle ethical guidance?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>They provide clear, compliant options and help clients navigate choices responsibly.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_row_inner el_class=&#8221;boxes&#8211;pack&#8221; woodmart_css_id=&#8221;672f64599e51f&#8221; responsive_spacing=&#8221;eyJwYXJhbV90eXBlIjoid29vZG1hcnRfcmVzcG9uc2l2ZV9zcGFjaW5nIiwic2VsZWN0b3JfaWQiOiI2NzJmNjQ1OTllNTFmIiwic2hvcnRjb2RlIjoidmNfcm93X2lubmVyIiwiZGF0YSI6eyJ0YWJsZXQiOnt9LCJtb2JpbGUiOnt9fX0=&#8221; mobile_bg_img_hidden=&#8221;no&#8221; tablet_bg_img_hidden=&#8221;no&#8221; woodmart_parallax=&#8221;0&#8243; woodmart_gradient_switch=&#8221;no&#8221; woodmart_box_shadow=&#8221;no&#8221; wd_z_index=&#8221;no&#8221; woodmart_disable_overflow=&#8221;0&#8243; row_reverse_mobile=&#8221;0&#8243; row_reverse_tablet=&#8221;0&#8243;][vc_column_inner width=&#8221;1\/3&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=&#8221;boxes&#8211;pack&#8221; woodmart_css_id=&#8221;672f64599e51f&#8221; responsive_spacing=&#8221;eyJwYXJhbV90eXBlIjoid29vZG1hcnRfcmVzcG9uc2l2ZV9zcGFjaW5nIiwic2VsZWN0b3JfaWQiOiI2NzJmNjQ1OTllNTFmIiwic2hvcnRjb2RlIjoidmNfcm93X2lubmVyIiwiZGF0YSI6eyJ0YWJsZXQiOnt9LCJtb2JpbGUiOnt9fX0=&#8221; mobile_bg_img_hidden=&#8221;no&#8221;<\/p>\n","protected":false},"author":6,"featured_media":44311,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[18],"class_list":["post-1619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-tax-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tax Planning Strategies - WCG CPAs &amp; Advisors<\/title>\n<meta name=\"description\" content=\"Tax planning strategies are commonly addressed in December as small business owners and other taxpayers start to freak out about bringing in the New Year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wcginc.com\/blog\/tax-planning-strategies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Planning Strategies\" \/>\n<meta property=\"og:description\" content=\"Tax planning strategies are commonly addressed in December as small business owners and other taxpayers start to freak out about bringing in the New Year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wcginc.com\/blog\/tax-planning-strategies\/\" \/>\n<meta property=\"og:site_name\" content=\"WCG CPAs &amp; 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