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End of the Year Tax Planning

The end of the year is fast approaching. It is time to gather together your finances, and make sure you are prepared for the upcoming tax season. Although it may seem far away, there are a few things that you can start doing now to make doing your taxes less stressful and easier to handle. Be sure to take care of a few things to maximize the money you save, while doing your taxes the right way.

 

Donations

 Cosmo Lend a Hand Las Vegas Nevada USA JUNE 13 2011  Photos By Denise Truscello

If you have been particularly charitable this year, it will result in a break for your taxes. Take the time now before the end of the year to clean out your closet of the clothes, books, old equipment, and other items you no longer need. The Salvation Army will give you a receipt indicating that you have given a donation. Plus this will give you the chance to get rid of the old and make way for some holiday shopping.

 

Retirement plans

 

If you do not have a 401k or 403b, consider investing in one, or contributing as much as you can afford into it before the end of the year. The regular limit for 2013 is $17,500. Although this is a large amount, it will be a great help to you in the long run, put forth as much as you can afford. This will be a great help to your taxes in the coming year.

 

Flexible spending account

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For those who are allowed a flex spending plan at their work for medical expenses, take advantage of the benefits it can bring. Anticipating how much you will spend for the entire year on medical expenses is a difficult task, but this will help give you money set aside before taxes are taken out. Look to see if you still have money in this account. If there are any medical procedures you have neglected to take care of, and you have money in your flex spending account, get them taken care of now rather than waiting another year.

 

Receipts

 

Don’t forget to gather the receipts that you have accumulated over the years. You must find the information you need to make sure your taxes are done right. Here you can find deductions for union dues, fees related to taxes and investment advice, equipment, education supplies, and others.

 

If you have any questions regarding your taxes this coming season, don’t hesitate to call us at Michelle Turpin. We can help set you on the right path to get the most for your tax return, and get your taxes done the right way.

 

By +Cassie Costner