As the end of the year approaches, it’s important to start thinking about your taxes. Whether you’re a business owner or an individual taxpayer, having a solid end-of-year planning guide for taxes can help you maximize your deductions and minimize your tax liability.
Here are some tips to help you get started:
1. Review your income and expenses. Take stock of your income and expenses for the year to get a sense of your overall financial picture. This will help you identify areas where you may be able to reduce your tax liability.
2. Maximize your deductions. Make sure you’re taking advantage of all the deductions available to you. This may include deducting charitable contributions, business expenses, and home office expenses.
3. Contribute to a retirement account. If you haven’t already, consider contributing to a retirement account like a 401(k) or IRA. Contributions to these accounts are tax-deductible, which can help reduce your tax liability.
4. Review your investment portfolio. If you have investments, review your portfolio to see if there are any gains or losses that you can use to offset your income.
5. Consult with a tax professional. If you’re unsure about how to proceed, consider consulting with a tax professional. They can provide guidance on how to best structure your finances to minimize your tax liability.
By following these tips, you can create an end-of-year planning guide for taxes that will help you save money and stay on top of your finances.
Finding faithful financial professionals is as easy as working with Riedel-Hogan CPA, who serves clients with joy through financial services that support their success. A CPA with over 27 years of experience, she has helped businesses, not-for-profits, startups, and individuals with accounting services, tax services, and more. To schedule a free consultation with us, fill out a contact form today.