It’s Time to Start Preparing for Your 2017 Taxes
The tax season is officially over for most people, and by now many taxpayers have already put their refund to good use. However, while almost everyone would rather not think about taxes for the next 10 months, or so, the fact is, this is a good time to start looking at next year’s taxes. In fact, by taking a close look at this year’s return, you can learn some important things for next year.
So here are some things to pay attention to. First off, did you get a large refund, or did you end up owing the IRS money? Chances are, one way or the other you need to take a look at your W-4. If you get a big refund then you are probably having too much withheld. On the other hand, if you still owed the IRS money then you are not having enough withheld.
Your 401k is another thing to revisit. Are you maxing it out? If not, then you are missing out on some extra tax savings. Of course, if you need that money now then you can only set aside so much. However, if you can afford to put more away for later, then you should definitely take full advantage of it.
Another good thing to start planning for right now is your list of deductions. Start tracking your receipts and keeping an accurate record. This will help you when you try to figure out your itemized deductions next year.
Lastly, if you like to make charitable donations then you could use your IRA to make those contributions. You get to help a good cause and the contribution won’t hurt your adjusted gross income.
http://www.cnbc.com/2017/04/07/ignore-these-2016-tax-lessons-at-your-peril.html
Deductible Business Expenses
Deductible Business Expenses Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit. What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted…
Setting Personal Goals at Home and at Work
Should you be setting personal goals at home and at work? Do you find yourself drifting every now and then, going from day to day, just not achieving very much? If the answer’s yes, don’t worry!…you’re not unusual. But a lot of people do find it hard to get out the trap. They know they could…
Federal Government Takes in Record Tax Haul in 2014
Federal Government Takes in Record Tax Haul in 2014 Three trillion dollars is a lot of money. Just imagine what you could do with $3 trillion. The possibilities are practically limitless. Of course no one is worth $3 trillion, individually. However, the United States Federal Government recently reported that for the 2014 fiscal year it…
Do You Need to File a Federal Income Tax Return
Many people will file a 2013 Federal income tax return even though the income on the return was below the filing requirement. The questions below will help you determine if you need to file a Federal Income Tax return or if you need to stop your withholding so you will not have to file an…