Paying taxes isn’t usually something that most people look forward to, which is why it can be a challenge to spend time thinking about them before you absolutely have to. But simple tax planning tips that you start using today can really pay off when your tax bill is due. Check out this expert advice on easy ways to get started.
It’s Never Too Early or Too Late to Start
By making contributions to certain accounts, such as retirement accounts or some kinds of investment accounts, you can reduce your taxable income by deferring it to a future time. Making regular deposits is best, but even a last-minute deposit before the annual deadline counts, so keep this in mind as you consider the tax benefits of deferred income.
Keep Good Records
Preparing taxes is stressful, and it can feel even more intense if you’re anxious about missing forms and data. If you commit to holding and organizing the records you need for tax prep throughout the year, it will be easier to not only put together your tax return but also ensure that you get all of the deductions and credits you may be eligible for.
Work with a Skilled Accountant
An accountant can help you develop a reasonable estimate of what you’ll owe and work with you on ways to reduce that tax liability through deferrals, deductions and other strategic money moves. You’ll also have someone in your corner if you need to find a way to pay more taxes than you expect; your accountant can help you decide what your best options are based on your available assets.
Want More Tax Planning Tips and Personalized Advice in Las Vegas Valley?
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