By Jimmy Lopez | Owner, Pupilo Tax
There is a massive difference between a "Tax Preparer" and a "Tax Planner."
- A Preparer records history. They take what happened last year and put it on a form. If you overpaid, it’s too late to fix it.
- A Planner creates the future. We look at your situation now to change the outcome later.
In Yonkers and Westchester County, where property taxes and cost of living are among the highest in the nation, "just filing" is not enough. You need a plan.
Here is why waiting until April 15th is costing you thousands of dollars.
1. The "December 31st" Deadline
Most tax-saving strategies expire when the ball drops in Times Square.
- Want to contribute to a Solo 401(k) to lower your taxable income?
- Want to harvest capital losses to offset your gains?
- Want to bundle your charitable donations? You have to do this before the year ends. If you walk into my office in April asking "How can I lower my taxes?", the answer is usually: "You should have called me in November."
2. Adjusting Your Paycheck (W-4)
The average refund in NY is around $3,000. People celebrate this. I don't. A big refund means you gave the government an interest-free loan for 12 months. That is $250 a month that could have been in your pocket paying down credit card debt or investing. Tax Planning Strategy: We adjust your W-4 withholdings specifically for the Yonkers resident surcharge and NYC taxes so you break even. Keep your cash flow; don't give it to Albany.
3. Westchester Property Tax Strategy
Are you deducting your property taxes correctly? The SALT (State and Local Tax) cap limits you to $10,000. However, for business owners and landlords in Yonkers, there are legal ways to structure your payments to maximize deductibility beyond the cap. This requires strategy, not software.
Stop Being Reactive. Start Being Proactive.
If you only talk to your accountant once a year, you are doing it wrong.
At Pupilo Tax, we offer year-round tax planning services. We review your mid-year numbers, project your liability, and give you a roadmap to keep more of your hard-earned money.
Ready to stop overpaying? Don't wait for tax season. Call Pupilo Tax at 206 S Broadway for a planning session today.