You’ve got a few more months until tax season starts to gear up – but how should you prepare to make the best out of your taxes next year? Marc Egort’s team of certified public accountants is ready to make filing your taxes a breeze.
Here are just a few of the top tips of the tax experts:
Check Your Filing Status
This might seem obvious but if you plan on changing your marital status, you’ll want to let the IRS know by filing under the appropriate status. Are you planning to get married? Then you may need to file your taxes jointly with your new spouse. Planning on getting divorced? Make sure your taxes reflect your status as a single taxpayer or head of household if you are caring for a dependent.
Decide How Much You Want Withheld
Knowing how much you want your employer to withhold can make a big difference in your take-home pay. If you’ve been receiving a large return of $2000 or more year after year, you might want to make sure your employer is not withholding too much for your taxes. You can change your withholding through a simple W-4 form. Just be careful not to reduce your withholding too much or you may owe a large tax bill come tax season.
Track Your Charitable Donations
Reporting your charitable donations requires a bit of paperwork, but it may be worth it in the end. If you plan on deducting your charitable donations, you’ll need to itemize your deductions. That means you’ll have to diligently keep track of all those donations with receipts. A simple way to organize these is with a folder that is dedicated to donation receipts for each tax year. That way, when tax season arrives, you’ll be prepared to submit all of those itemized deductions, which can save you a lot on your tax bill!
Don’t Make Purchases Relying on Tax Deductions
Tax deductions are great, don’t get us wrong. Just be cautious not to make big purchases with the hopes of being reimbursed on your taxes. If you find yourself in a tempting position, double check with Marc Egort’s team to ensure that the item you are about to purchase actually comes with a sizable tax deduction.
Get to Know the New Rules
Tax deductions are great, don’t get us wrong. Just be cautious not to make big purchases with the hopes of being reimbursed on your taxes. If you find yourself in a tempting position, double check with Marc Egort’s team to ensure that the item you are about to purchase actually comes with a sizable tax deduction.
Call Marc Egort, CPA
All of this can be a bit overwhelming – we know. If you have a question about your taxes for next year, call Marc Egort, CPA at 754-301-2183 or email Marc directly at marc@egortcpa.com.