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When you know tax time is just around the corner, you might be tempted to put paperwork on the back burner and wait for the last minute. In preparing documents for your CPA in Yorktown, however, you’ll minimize stress and frustration after the new year.
1. Contribute to your retirement account.
If you are looking for ways to reduce your tax bill next year, contributing to your retirement account could offer the perfect solution. You’re essentially paying yourself, which means you will still reap the benefits of that capital at some point down the line. Plus, you’ll relieve some of the stress when it comes to setting and attaining retirement goals.
2. Write a check to your favorite charity.
Another way to reduce the amount owed to Uncle Sam is to support one of your favorite charities. This tax-deductible donation will provide you not only with a lowered tax bill, but also the personal satisfaction of contributing to a good cause. Just make sure you ask in advance whether the donation is subject to tax deductions. For example, campaign donations given to a favored political candidate usually do not.
3. Spend the money in your FSA.
Don’t waste the money you have contributed toward your flexible spending account. While that money is not taxed before it is withdrawn from your paycheck, you can’t roll it over into the next year. Stop avoiding your dental work or grab a new pair of eyeglasses, for example, to avoid wasting (and losing) the money before year’s end.
4. Gather all your receipts.
Take the time to gather all your receipts for the year before it comes to an end. Create a file in your home office, for example, into which all receipts are placed, then itemize them according to their purpose and amounts. Getting this out of the way before you visit your CPA in Yorktown will make the process run much more smoothly.
If you follow the above tips, working with a CPA will not cause unnecessary stress after the new year begins. Assembling paperwork and taking advantage of all tax opportunities will allow you to enjoy the holidays and start next year fresh. Once you have finished your preparations, contact Carmines Robbins and Company PLC to discuss your tax needs.