We are well into the last quarter of 2020, causing many people to begin thinking about the taxes they will need to pay on their income for the year. While taxes are unavoidable no matter who you are, King Financial Services would like to help by providing some key tax tips for the end of the year. Listed below are some way you can take control of your tax outcome for 2020:
Don’t Be Afraid To Defer Income: What does this mean and why is it important? Deferring your income means, waiting to collect payment until a set time. This is helpful for those who are trying to minimize the income they need to claim for the 2020 calendar year. Income taxes are only taken for the year they are received, keep in mind that while this can be a helpful tool for many individuals what you defer today will be due next tax season. For many employees, it is not realistic that they will be able to defer their income if they are on a set payment schedule, however, they may be able to postpone collecting an end of the year bonus. This option is most beneficial to those who are self-employed and looking for a legal way to claim less this year than their projected salary. This is most useful for individuals who believe they will be in a lower tax bracket the following year.
Last-Minute Deductions Add Up: If you have been waiting to clean out your home and donate your belongings to charity, or are feeling extra generous and would like to make a cash donation, do it before the end of December. Not only will you help to strengthen your community by making donations, but you will also be eligible for a tax deduction. Make sure you keep all proper paperwork showing the amount of your donation in order to claim it on your taxes. Not all donations have to be cash, you can also donate appreciated stock or property.
If you are looking for more helpful information on how to lower your tax costs for 2020, contact the professionals at King Financial Services in Fort Worth, TX.
King Financial Services in Fort Worth
Don’t get lost in the paperwork that comes along with running a business, instead reach out to King Financial Services. Our team of financial professionals understands how overwhelming it can be for you and your staff to keep up with additional tasks and record keeping. This is why we help eliminate the workload that comes with bookkeeping in house by managing all of the additional responsibilities, such as payroll and bookkeeping. Contact us today to learn more about the tax and financial services we offer. Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.
King Financial Services Inc
610 S Industrial Blvd. Suite 140
Euless, TX 76040
Phone: (800) 503-1343