Tax season doesn’t have to be stressful if you take a proactive approach throughout the year. With smart planning, you can minimize tax liabilities, maximize savings and ensure financial stability. 

Here are a few expert tips from Bezawit Deneke (Bez), MBA, and Mahader Weldemichael (Mahdi), owners of B&M Accounting & Tax Service in Milwaukee. Bez and Mahdi are both Certified Public Accountants and Certified Tax Consultants.

Start Early and Stay Organized: Rather than wait until April, keep track of all income, expenses and deductions throughout the year with a reliable bookkeeping system.

Maximize Deductions and Credits: Many taxpayers miss out on valuable deductions and credits. Staying informed about education expenses, home office deductions, energy-efficient home upgrades and more can make a big difference for tax savings.

Contribute to Retirement Accounts: Boost future savings and reduce taxable income by contributing to retirement plans like a 401(k) or IRA. Self-employed individuals can also take advantage of SEP IRAs or Solo 401(k)s.

Stay Updated on Tax Law Changes: Tax laws change frequently, and staying informed ensures you don’t miss out on new deductions or face unexpected liabilities.

Work with a Tax Professional: A Certified Tax Coach or Certified Public Accountant (CPA) can help you navigate complex tax laws and create a personalized strategy that keeps more money in your pocket.

B&M Accounting & Tax Service specializes in proactive tax planning designed to reduce liabilities and maximize wealth. Their team of CPAs and Certified Tax Coaches stays ahead of the latest tax law changes to create customized strategies for individuals and business owners.

B&M Accounting and Tax Service is located at 13745 W. Capitol Dr., Brookfield. For more information or to schedule a consultation, visit BMAccountingTax.com or call 262-599-8015.