3 Smart Year End Tax Moves to Make Now

If you are smart before tax time comes, you can reduce the taxes that you owe. Therefore, today this article will cover three smart yearend tax moves that you need to make now.

Donate to a Charity

Now is the best time for you to do some cleaning. Get rid of the stuff that you do not need in your home and garage. The items that you no longer need could mean hundreds of dollars in tax deductions. However, keep in mind, donations can only be written off by those who itemize their deductions. Additionally, if you do not want to part with any of your items you can make a cash donation by December 31 and be able to write it off.

Contribute to Your 401 (k)

When you contribute money to your 401 (k) the money is not included in your income, which results in a cheaper tax bill. Therefore, it is a win in all areas. You are preparing for retirement and you are lowering the amount of taxes that you will owe simultaneously.

Shrink Your Refund

Many Americans love when tax time comes around because they become overly excited about the amount of money that they will receive in the form of a refund. However, refunds are just the interest free loans that you are giving to Uncle Sam. Therefore, you should adjust your withholdings and then you can keep more of your hard-earned money in your pocket year round instead of letting Uncle Sam hang on to it all year free.

What are you doing to prepare for taxes right now?

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    We serve Tukwila, Auburn, Federal Way. We have a few meeting locations. If you are looking for a Redmond CPA firm, get in touch with us! Call to meet John C. Huddleston, J.D., LL.M., CPA, Lance Hulbert, CPA, Grace Lee-Choi, CPA, Jennifer Zhou, CPA, or Jessica Chisholm, CPA. Member WSCPA.