Now that the end of the year is here, it’s time to start thinking about filing your taxes. With these tips, tax season will be a breeze for you!
Spend Time Organizing
One of the best things you can do at the end of the year is start organizing your tax files. Collect all of your receipts for any tax deductible expenses so you’ll have easy access to them when it comes time to file. This way, if you notice anything is missing, you’ll have more time to try and locate it before you file.
Consider Your Retirement Accounts
You can lower your adjusted gross income and overall taxable income by contributing to your pre-tax retirement accounts before the end of the year. Check to see if you are contributing the maximum amount and up your contributions if you haven’t met the maximum amount yet.
Check Income Deferment Options
If you regularly receive an end-of-year bonus from your job, check to see if you can defer that income to next year’s taxes. A move like this only makes sense if you expect to be in the same tax bracket next year, but it’s a good way to defer what you’ll have to pay if you feel like you could end up owing taxes.
To learn more about how to prepare for the upcoming tax season, call Taxation Solutions, Inc. today!