You can save a lot of money every year if you a’re aware of strategies to reduce your tax liability. Now the time to start doing what you can to minimize your tax liability for this tax year.By prepping now, you will be ready when it comes time to look for tax preparation services in Marietta, GA.
The following are four of the best tax-preparation tips you’ll want to keep in mind in the coming year:
Put Money into Your Retirement Savings Account
When you put money into your retirement plan, you do not have to pay as many taxes on that money. Not only is investing in your retirement plan good for your future, but it can also help you out when it comes time to file your tax return.
Defer Income Until Next Year Where Possible
If you have a big end-of-the-year bonus coming in, remember that you may save a significant amount on your taxes if you can just put that bonus off until after the new year. While you will have to pay taxes on that money eventually, you can put the tax burden of it off by a great deal by merely pushing payment back a matter of days.
Give to Charity
Charitable contributions make you feel great, but they can also be great for your finances. If you itemize your deductions, then you will not have to pay any taxes on the money you donate to charity.
Harvest Any Tax Losses
One way to be ready for your tax preparation services in Marietta, GA is to, harvest your losses. Tax loss harvesting consists of using any losses you have had in your investments to offset any earnings you have. This will bring down your tax liability on your investment income.
