• Skip to main content
  • Skip to primary sidebar

  • Home
  • About
  • Contact

How to Save on Your Taxes At The End of the Year

December 1, 2017 by admin

Diligent planning is essential to keeping tax obligations low. Even though your federal income-tax return isn’t due for a few months, you may want to spend some quality time with your tax situation soon and consider strategies that could help lower your tax bill. Feel free to contact The Neal Group, LLC, a trusted Milwaukee, WI accounting firm, to see if any of the following are appropriate for you. We can assist with any of your Tax Preparation Needs.

Feather your nest egg

Deferring more of your pay to your employer’s retirement plan before year-end can reduce your tax bill, since you don’t pay current income taxes on your pretax contributions. By increasing the amount you contribute, you’ll also have more invested for retirement.

You may be able to deduct all or part of the contributions made to a traditional individual retirement account. Ask your tax advisor about the deduction requirements.

Be charitable

Increase your itemized deduction for charitable contributions by donating to your favorite charities by the end of the year. Donating with a credit card entitles you to the deduction on your income-tax return even though the December charges won’t appear in your account until January.

Sell your underperformers

An investment that has lost value since you acquired it and doesn’t show signs of improving may be ripe for selling. Capital losses are fully deductible to offset capital gains and up to $3,000 of ordinary income each year ($1,500 if married filing separately). Excess losses that you can’t deduct for this year can be carried over to future years.

Take your profits

Selling an appreciated investment and using your losses to offset your gains can be a smart tax move. But remember that taxes should never be your only reason for buying or selling investments.

Bunch expenses

Unreimbursed employee business expenses, tax preparation fees and certain other miscellaneous expenses are deductible only to the extent they together exceed 2% of adjusted gross income. Common business expenses that may qualify for the deduction include home office expenses, professional dues and subscriptions, costs related to business travel, required uniforms or work clothes and job search costs.

To learn more about tax preparation, give us a call today at 414-325-2040. Our knowledgeable and trained Milwaukee Tax Accountants are here to help.

Filed Under: Tax Services

Primary Sidebar

Search

Archives

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • September 2018
  • August 2018
  • July 2018
  • May 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017

Categories

  • Best Business Practices
  • Business Accounting
  • Investment
  • Quickbooks
  • Real Estate Tax and Accounting
  • Retirement
  • Small Business Accounting
  • Tax Services
  • Uncategorized

Copyright © 2023 · https://www.nealgroup.net/blog