It's not tax time right now, so how can I save money on my taxes? Well, there are a few things to do during the year that can help you at tax time - even if your 1040 is relatively simple.
- Organize your records. This is huge. The more organized you are, the quicker your taxes can be completed. Tax preparers love organized people. This may be reflected in a lower cost for preparation (because it may take your preparer less time).
- Make a last minute estimated tax payment. All state tax estimates made by December 31st of the current year are deductible. They are included in your tax deductions on Schedule A. Sometimes it can make the difference between having to pay in or getting a refund for either federal or state!
- Adjust your payroll tax withholdings. Did you have any changes in pay during the year, did you get married, divorced, have children, change jobs, spouse or you lose a job or your hours reduced? All these factors plus others can affect the level of federal taxes you will owe on your tax return. By adjusting your withholding now you may minimize any amount due or break even at tax time.
- Increase your retirement plan contribution. Saving for retirement is important. Are you taking advantage of your employer's retirement options? Does the company match any contributions you make as an employee? Why not take advantage of that "free" money?
- Consider gifting. If you itemize (Schedule A), all charitable contributions to qualified organizations are tax deductible. There are many deserving non-profit organizations that can benefit from your donations, whether they are $10 or $1000.
If you own a small business, I recommend talking with your tax preparer in the fall to evaluate your options. Tax planning is very beneficial in being able to understand where your position tax-wise and how business decisions can affect your taxes.
Are you satisfied with how last year's taxes turned out? Is the current year trending the same? Talk with your tax preparer this fall to evaluate your individual situation, On January 1st it will be too late to change some things.
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