Tax Planning
Optimize your tax strategy for better financial outcomes
Current Tax Status
2024 Tax YearEstimated Income
$85,000
Current Tax Rate
22%
Estimated Tax
$12,780
Current Deductions
$14,250
Tax Saving Opportunities
Retirement Contributions
Increasing your 401(k) contributions to the maximum allowed limit.
Potential Tax Savings$1,650
Health Savings Account
Maximize your HSA contributions for tax-free health expenses.
Potential Tax Savings$850
Charitable Giving
Bundle multiple years of charitable giving into a single tax year.
Potential Tax Savings$1,200
Tax Loss Harvesting
Offset capital gains by selling investments at a loss.
Potential Tax Savings$950
Multi-Year Tax Planning
View your projected tax situation over the next 5 years and plan accordingly.
| Year | Projected Income | Estimated Tax | Effective Rate | Actions |
|---|---|---|---|---|
| 2024 | $85,000 | $12,780 | 15.0% | |
| 2025 | $89,250 | $13,850 | 15.5% | |
| 2026 | $93,750 | $15,000 | 16.0% | |
| 2027 | $98,450 | $16,200 | 16.5% | |
| 2028 | $103,350 | $17,450 | 16.9% |
Tax Planning Scenarios
Retirement Planning
See how early retirement could affect your tax situation.
Income Changes
Plan for potential changes in income and their tax implications.
Home Purchase
Evaluate the tax benefits of purchasing a new home.