Gathering your tax data as soon as possible can save you a lot of trouble and put you in a better position to save money during tax time. Round up all receipts and canceled checks, check brokerage statements for year-to-date gains or losses and make a checklist of accounts to keep track of the 1099s. Organizing your files now will avoid some of the stress that would be there later.
Fund Your Retirement
There’s a bounty of ways to benefit on your taxes when funding an IRA. The professionals at BW James can advise you on which way is best for you. Perhaps it’s time convert that traditional IRA to a Roth IRA. Be sure to talk to us about your retirement options.
Pay Off Deductible Expenses
Paying your state income tax estimate before December 31 can accelerate your federal deduction. You can also pay property taxes early, make an extra mortgage payment, or opt to have dental work or deductible elective surgery you planned on having before the year-end.
Give to Charity
Do you donate to charities each year? Doing so before December 31st will allow you to deduct the amount from your taxes sooner. Be sure to work with BW James to coordinate the best time possible for charitable gifts to ensure you’re benefitted on your taxes.
Properly preparing for tax season at the end of the year can put yourself in great position for the April deadline. These are just a few ways you can explore to get ready.
For more information about Barry W James and the professionals at BW James visit http://www.bwjames.com
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