17 Apr End of Year Tax Tips from a Certified Public Accountant
A Certified Public Account Gives You Tax Tips for the End of the Year
We won’t dive into the cliche of how much people don’t enjoy doing their taxes. We all know that it’s not everyone’s favorite time of year. Other than the refund, which comes later, it can be a real pain. Of course, a Certified Public Accountant can help with that, but it’s also good to have some end of year tax tips in your back pocket. Today Jeff Pickering, Certified Public Accountant, gives you some useful tax tips that will help end the year right and start the new one off on the right foot.
Contribute to Your Retirement Accounts
Putting money into tax-deferred retirement accounts before the deadline can be huge for your deductions. Ideally, you have a company 401k plan where they match your contributions. If not, that’s fine too. If you’re self-employed, make sure you have the best plan possible for your situation and contribute as much as feasible. Not only will this be great for your taxes, it’s also great for your long-term financial health because these types of IRAs see huge returns over time without risk.
Remember Your Flexible Spending Account
If your company provides you with a flexible spending account, check your balance. Is it used up? If not, use it. Many of these flexible spending accounts are “use it or lose it,” meaning that if you don’t use the funds by the end of the year, they won’t roll over into the next year. The money in this account is free from income and Social Security tax, so that’s the advantage when it comes to your taxes.
Make a Charitable Donation
Contributions to charity are one of the most common deductions on taxes. You can easily lower your tax bill by making a last-minute charitable donation. Plus, you’re able to give money to your favorite charity at the same time and support a cause that’s important to you. It’s a win-win!
Consult with a Certified Public Accountant
The best end of year tax advice we can give is to always consult with a Certified Public Accountant. There’s no replacing the advice and knowledge you have available to you in a tax consultation with a tax professional. Jeff Pickering, Certified Public Accountant, has been advising people on their taxes for many years. To get your taxes done the right way, and to get the most out of your taxes next year, contact Jeff Pickering, Certified Public Accountant today and schedule an appointment.