As the leaves change colors and the holidays draw near the
end of the year is a pleasant time. Halloween, Thanksgiving and all the fun
celebratory holidays make it the favorite time of year for most!
Before the rush of the holidays are in full swing, lets give
some thought to your taxes. When the calendar year ends, so do many of the
things you can do to reduce your tax burden come April.
Edge Tax and Accounting in Prescott
wants to remind you to take a moment to reflect on the year and get ourselves
ready for the next. It is the perfect time! Here are a few end of year tax tips
to maximize your tax refund while you still can.
Donations, Donations, Donations: If you itemize your
deductions, the quickest way to get a refund is to donate to a worthy charity.
Your donation can be in the form of cash or goods. Donating to a local
charitable organization can get you a nice tax deduction, depending on the
market value of the products. The key is
to always get a receipt to support your donations.
Retirement Contributions: Another great way to reduce your
tax burden while planning for the future is to make a contribution to your
retirement savings account. You can take a dollar for dollar reduction in your
income and also save for the future. Speak to your financial planner or
company's HR for limits.
Accelerate Deductions, Defer Income: There are a handful of
deductions that are recognized the year in which you spend them. For example,
you get a mortgage interest deduction and if you make an extra mortgage payment
on December 31st, you can claim that tax deduction on this year’s taxes. This
lets you take the deduction immediately rather than wait an additional 12
months. Spend some time now to think of any deductible expenses you may be able
to pay in advance.
Harvest Investment Losses: Chances are you have a few
investments in your portfolio that have gone down in value, you can recognize
those paper losses and use it to offset investment winners. This is another
great thing to discuss with your financial planner!
We
hope that you will use these ideas before the end of the year so you can reduce
your tax burden, increase your tax refund, and set yourself up for a
financially strong new year!
Everyone should pay the tax. It is our mean responsibility to be a good citizen. I would like to add this topic in write my essay service. No doubt, the idea increase tax refund, and set yourself up for a financially strong new year!
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