It’s that time of year again. No, we’re not talking about Christmas. It’s time to get serious about tax savings. It wouldn’t be December unless we had some last minute tax tips to help you save money before the year ends. Whether you count yourself among the highly successful or the middle class, these are moves that can make a difference come tax season in just a few short weeks from now.
Start by getting all your important tax-related documents gathered and organized. Then consider these helpful moves to be prepared:
- Spend any leftover money in your flexible spending accounts. While some companies allow you to spend that money until March, not all of them do. Make sure you know your deadline because if you don’t spend it before then you will lose it.
- Open up a retirement account and start to fund it. This will help you prepare for the future and save you on taxes.
- Make charitable donations, which will make you feel good about yourself and lower your tax bill.
- Take a look at your capital gains and your losses, and then balance them out to create the most tax-friendly result as possible.
- Delay your income or accelerate your deductions. You can do this by making mortgage payments for next year now, or paying next year’s property taxes this year. On the other hand, if you are due for a bonus perhaps you can have it paid next year so the additional income won’t count against you this year.
There are so many ways to get ready for the upcoming tax season and at GROCO we can help you with these steps and many more. Please contact us now for help. Click here or call us at 1-877-CPA-2006