It's never too early to plan for next year's taxes, so here are some helpful steps you can take now to better position yourself to pay less when you file next year.

Tax planning builds wealth. You may not be familiar with the term, but tax planning is the analysis of an individual’s or business’ financial situation to ensure that all elements work together to allow the payment of the lowest taxes possible. It is generally done towards the end of the year, but its not too late to plan for this year. Proper tax planning can help you retain and make the most of your income to build your assets and wealth.

The retirement account is a valuable asset. Every worker should start savings and asset building strategies as early as possible. A common question I hear from my clients is which type of retirement account is best. There are various types and your best one depends on your situation. The Roth IRA is one of the options.