As much as people don't like the IRS, they can actually be a great resource for useful tax tips other important information. The IRS just published a bulletin on 3 Year end tax tips to save you money.
The tips are:
1. Start a Filing System - It is critically important to be organized during tax time. This will save you time and money, especially if you are hiring a tax professional.
2. Make Charitable Contributions - You can still get a deduction for this tax year but the donations must be made before the end of the year.
3. Contribute to Retirement Accounts - Tax-Advantaged accounts are the best way to save for retirement. While you can still make IRA contributions next year for this tax year, you need to have 401(k) contributions deducted from your paycheck this year in order to receive the tax benefit.
Strategic Wealth Management should include tax planning and tax preparation as taxes are a part of everything we do. Having access to both a finance and tax professional in the same office can be a huge benefit in terms of time, efficiency, and expertise. Contact us to learn more about experiencing the Fee-Only Difference.
Check out the quick 1 minute IRS video below.