There are lots of things you can do to make tax filing cheaper and easier, at the same time maximizing your deductions. Let us help you!
Whether it’s strategies that will help you save time, maximize your returns, or avoid penalties and interest on both federal and state taxes, tax planning is key! We help inform you about important deadlines and stay on top of the latest tax laws that put more of your money in your pocket. Here are just a few tax planning tips we can help you with:
- Contribute to retirement accounts
April 15, 2016 is the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA. However, if you have a Keogh or SEP and you get a filing extension to October 15, 2016, you can wait until then to make your 2015 contributions. Making a deductible contribution will help you lower your tax bill, and your contributions will compound tax deferred.
- Keep organized records
For many, the biggest hassle at tax time is getting all of the documentation together. Locating last year’s tax return, collecting this year’s W-2s and 1099s, and gathering receipts can become a time consuming task and a real nightmare. Let us help you by creating a tax checklist to help you gather all the tax documents you’ll need to complete your tax return. Having this type of information at your fingertips and staying on top of keeping it organized puts you ahead of the majority of tax payers.
It’s worth the bother when your qualified expenses add up to more than the 2015 standard deduction, especially if you are self-employed, own a home or live in a high-tax area. Many deductions are well known, such as those for mortgage interest and charitable donations. But we can also prevent you from missing out on often overlooked miscellaneous expenses, which are deductible if the combined amount adds up to more than 2% of your adjusted gross income. These deductions include tax-preparation fees, job-hunting expenses, business car expenses and even medical expenses that exceed 10% of your adjusted gross income.
- File electronically
The IRS processes electronic returns faster than paper ones. Therefore, you can expect to get your refund three to six weeks earlier. We make use of e-filing software so that you can be sure you will receive your return ASAP! If you have your refund deposited directly into your bank account or IRA, the waiting time is even less. It’s more accurate too. According to the IRS, less than 1% of electronic returns have errors, compared with 20% of paper returns. Take advantage of our free one hour consult and let us see how we can help you pay less taxes!
There is nothing more important than proper tax planning. It is absolutely vital, and yet so few people do it. Tax planning must happen before the prior year ends! When tax season is upon us, it is too late to do anything about your tax position – you could be receiving MORE refunds and paying LESS tax if you properly planned. Proper tax planning also often leads to proper retirement planning and savings in the form of retirement contributions. Don’t short change yourself and your financial position by not properly planning BEFORE the year ends.
If you are an existing client, you already know we can often save you more money than we cost you when tax planning is part of our overall service engagement. You save even more money by reducing your tax liabilities. On top of this – you save even more by putting money back for your future retirement – money that is yours and not the IRS’s!
If you are not currently a client, then send copies of your prior year tax returns (2 years is even more helpful) by scanning and e-mailing us at firstname.lastname@example.org or allowing us to create you your own private portal with us and then you can upload your documents to our secure portal. We will review and respond to you FREE OF ANY CHARGES! We will let you know what we think could be helpful and what we can do to help you along the way. We are that confident we can help you! We believe in providing value added services to our clients. Let us take a look today!