You Still Have Time to Make These Tax-Savings Moves

It’s that time of year again. No, we’re not talking about Christmas. It’s time to get serious about tax savings. It wouldn’t be December unless we had some last minute tax tips to help you save money before the year ends. Whether you count yourself among the highly successful or the middle class, these are moves that can make a difference come tax season in just a few short weeks from now.

Start by getting all your important tax-related documents gathered and organized. Then consider these helpful moves to be prepared:

  • Spend any leftover money in your flexible spending accounts. While some companies allow you to spend that money until March, not all of them do. Make sure you know your deadline because if you don’t spend it before then you will lose it.
  • Open up a retirement account and start to fund it. This will help you prepare for the future and save you on taxes.
  • Make charitable donations, which will make you feel good about yourself and lower your tax bill.
  • Take a look at your capital gains and your losses, and then balance them out to create the most tax-friendly result as possible.
  • Delay your income or accelerate your deductions. You can do this by making mortgage payments for next year now, or paying next year’s property taxes this year. On the other hand, if you are due for a bonus perhaps you can have it paid next year so the additional income won’t count against you this year.

There are so many ways to get ready for the upcoming tax season and at GROCO we can help you with these steps and many more. Please contact us now for help. Click here or call us at 1-877-CPA-2006

/GROCO
Posted in

Hello? Is This Really the IRS, or Just a Scam?

No one enjoys getting a call from the IRS, but getting a call from someone who claims to be from the IRS, but who is really just a scammer, is even worse. However, according to the country’s top tax agency, that is exactly the kind of sophisticated and elaborate scam that has been going on…

United States and Singapore Buddy Up on Tax Evasion

For those who are still not convinced that the United States is serious about tracking down tax dodgers who are trying to hide money in offshore accounts, here’s one more piece of evidence that might change your mind. In a deal announced last week, the country of Singapore says it has come to terms with…

IRS Overpaid by $6 Billion in Child Tax Credits in 2013

Although no one will probably ever shed a tear to hear that the IRS paid taxpayers too much money, this latest report does nothing to breed confidence in how things are run in the nation’s tax collecting agency. According to reports, the IRS paid about $6 billion in child tax credits last year to people…

Small Business Stock Gain Exclusion Receives 2014 Extension

It’s not like the government to bring everyone some well-needed Christmas cheer, but the new tax bill that lawmakers were finally able to pass brought some good news for many investors before the year ends. It’s unfortunate that it took the entire year to get it done, but at least the tax provisions that did…