Save Money With These Year-End Ideas
When it comes to saving money and reducing taxes, there are many ideas you can put into place. 415 Group Senior Manager Holly Lieser, CPA, explains why you should discuss the options listed below with your tax advisor and the importance of creating a customized plan for you.
Overall, everyone will have a different approach due to their unique tax situation. However, my biggest tip for saving the most money can apply to everyone: Keep your tax advisor informed. If you’re planning something or if something changes, make sure they know. They can help you prepare for any positive or negative impacts those planned – or unplanned – changes may have on your situation.
In regards to unplanned changes, we noticed a lot of people were surprised when their 2018 returns came back and they weren’t as expected. This happened because of tax law changes that can still have an affect on your 2019 return. If you’re concerned about what you might receive next year, talk to your tax advisor.
At 415 Group, tax projections are a big part of what we help our clients with. We want to make sure you get the most out of what we do, so we are always looking for ways to steer you in the right direction. For example, one of the tax law changes affected itemized deductions. Many people can no longer itemize, so we recommend they bunch their charitable contributions into one year instead of spreading the amount over a few years.
Another option we discuss with clients, and even businesses, is the possibility of accelerating expenses. An example is making a large purchase that was planned for January of next year in December of this year instead.
With changes happening to your situation and with tax laws, it’s good to keep different money-saving options in mind. Read through the list below to start thinking of some of ideas, and then reach out to 415 Group so we can help tailor a plan to your situation.