Better Prepare Your Taxes for the End of 2019
Time is running out on 2019! As we enter the last part of the year, money and finances are at the top of everyone’s minds. Keeping your books balanced and ensuring you have enough money for the holidays is important for every family. Moreover, you want to be doing all you can to ensure your 2019 taxes are done efficiently, and that you benefit as much as possible. So, to stay ahead of your tax prep in Peoria IL at the end of the year, here are a few useful tips to get you going.
Touch Up Your Work Earnings
You may be happy with your paychecks, but you may not have initially set them up to best address your taxes. If you aren’t giving enough back on your paycheck, you’ll end up with little back on your tax return. Or, worse, you’ll end up owing money to the IRS. Before the year ends, now’s a good time to ensure your W-4s are set up correctly for the remainder of the tax year. Additionally, if you don’t have any money going into a 401k, get it set up now so you can earn what little money you can back before January.
From year to year, itemizing your tax deductions can change from being the best method to not being right for you. Itemizing deductions can sometimes ensure you are getting the most possible return from your taxes. However, if there isn’t much to itemize, it isn’t always worth the extra effort. Sometimes, the standard deduction works best for your situation. Now’s the time to determine whether itemizing is the best option or not.
Those family trips or big purchases aren’t going to pay for themselves! While this might be a no-brainer for some, others forget to begin saving early for the big items or events they want in their life. Starting to save at the beginning of the year for what’s further out is an excellent way to ensure you have the money you need when the time comes. It also works well in coordination with your tax planning for 2019.
Improve Your Business
For those of you running a small business, the end of the year is your best friend. Now’s the time to make those large investments before the year switches over. By making upgrades or capital improvements to your business before year’s end, you can ensure to maximize your deductions for your upcoming tax period. So, you don’t end up having those big-ticket expenses at the beginning of your year, and instead, have a full year of profits and upgrades to look forward to.
Give Something Back
With many non-for-profit organizations and charities doing their end-of-year fundraising pushes, it makes the perfect time to give something back. And for your taxes, this becomes incredibly beneficial. If you either donate non-cash or monetary donations to qualified charities, you can add a personal deduction to your tax returns. Additionally, if wanting to volunteer, any gas mileage used while volunteering can be written off on your taxes.
Talk with an Accountant
Finally, if you want to ensure your taxes are looking the best they can for the new year, speak with your local accountant in Peoria IL. At White Income Tax, we are equipped to help you manage your individual, family and business tax returns. Additionally, Dianna White can help with minimizing your tax liabilities, maximizing your tax flow, and staying on track to achieve your financial goals.