Tax reduction planning is something that can be done throughout the year. When you walk into your tax preparer’s office in February or March to have your taxes done, it’s usually too late to do much of the tax planning that can be done to save taxes. Post Resch Tallon Group’s professional at NFS Tax Prep, Inc. in Webster can help you determine when to take profits and losses, shift income and deductions to the appropriate tax year, decide on Roth IRA conversions to help you maximize retirement plan benefits and reduce the taxability of social security income. These are just some of the issues that can be addressed to help you meet all your financial needs.
Things You Can Do to Prepare for the Upcoming Tax Season
Check Your Withholdings
If you’ve had a big refund before, you should consider lowering your income tax withholdings if your income and deductions will remain similar in the next year. Alternately, if you’ve owed a substantial amount in your previous filings, you may want to consider increasing your tax withholdings to try and lessen your tax burden due April 15.
Examine Your Information
It’s always a good time to meet with your tax preparer – waiting until February could increase stress when you’re getting ready to file your return. Get together, look at your tax situation, and start planning now.
Get Your Books or Financials in Order
If you’re doing anything beyond working, it’s time to start getting everything in order so that you aren’t rushing at the beginning of the new year. If you have a small business or rental properties, get prepared to issue 1099s or prepare other forms you’ll need to complete your taxes.
Set Aside Receipts
Don’t wait until the end of the year to start thinking about deductions – be smart and start pulling together the records immediately so they are close at hand come tax time.
Clear the Clutter
Now’s a great time to clear the clutter as the days fall shorter. Consider gathering your old clothing and household items and donating them to a reputable charitable organization. Be sure to get a receipt for your donation. When you prepare your taxes, we’ll apply a “fair market value” to that donation. Your generosity may be worth $25 to $35 in tax savings for every $100 value of the items you donate.
- Personal Taxes
- Corporate Taxes
- Fiduciary Returns
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