2018 is rapidly approaching with another tax filing season beginning shortly after we kick off the new year! Unless helping people with their taxes is your calling, you’re probably not really looking forward to it like we are.Nevertheless,it’s time to get prepared and make the most of the last month of 2017. Here are some tips on how to get yourself and your estate ready to get your taxes prepared and out of your hair as soon as possible.
Identify Any Tax Law Changes
With just about every new presidential administration comes new and changing tax laws. Every administration has their own ideas on how to improve our economy in some way, and in 2018 theTrump administration is presumed to be implementing theirs. However, they will not affect you right away.
Things to take into account during tax filing season include changes in standard deductions, contribution limits for your retirement savings accounts, personal exemptions, and the rate of income at which the top income tax rate applies. If you’re unsure about how these tax laws affect you, a consultation with one of our tax preparers is a great first step in planning.
Make Charitable Contributions
With the December holidays right around the corner, the season of giving has arrived. Charitable donations to your favorite wildlife conservation organization, local hospital, nearest food shelf, or perhaps an organization fighting incurable diseases are so easy to set up and make.
Not only will you end the year on a very positive note and feeling great for it, you’ll also save yourself a bit in taxes. Donating to an approved charity may in return reduce your tax liability if your donations happen to be larger than the standard deduction.
Gather Your Financial Statements
We all have receipts we’re keeping until the end of time, just in case. Do you know which statements and receipts you really need? Important financial statements include your savings accounts, your retirement accounts, investment portfolios, and schools if you have children, whether they are in daycare or college.
Hire Our Income Tax Preparers in Palm Beach Gardens for the Most Accurate Tax Return
Are tax preparations making you feel overwhelmed?Don’t feel as though you have to dive into your taxes all on your own. Our professional tax preparers guide you through the paperwork you need to bring and how to complete the necessary forms to file.We’re well versed in the latest tax laws, so you don’t have to be.
We ask you simple questions about potential tax break points to help you get the most out of your 2017 tax return. Call Vault today at 561-223-3252 to schedule an appointment with one of our tax specialists in Palm Beach County!