It’s hard to believe that we are in the final quarter of the year and with the new year just ten weeks away, now if the best time to evaluate your individual tax situation to determine what strategic year end tax moves you can make now to decrease your tax liability and increase your federal tax refund if you are due one.
- Increase your federal withholding for the remainder of the year if you suspect a tax withholding shortfall.
- Accelerate potential deductions such as out-of-pocket medical expenses and qualified charitable donations if you itemize.
- Defer income such as bonuses, business debt collection, payment for services and rents to the new year.
- Maximize deductible contributions to retirement accounts.
- Maximize your Health Savings Account contributions and distributions.
- Review investment profits and losses to help offset capital gains.
- Obtain the services of a tax professional.
The longer you procrastinate, the harder it will be to take advantage of potential tax savings. Because of the complexities of the tax code, taxpayers are advised to take advantage of professional tax planning services such as those provided by Account On Us before implementing tax strategies. Account On Us offers many services for individuals such as income tax preparation, estate tax preparation, gift tax preparation, IRS inquiries, audits and tax planning. If you have a personal tax or accounting need, contact us at (407)-892-1266 or visit us online at AccountOnUs.org to assist you in the right direction.