Whenever we think of the holiday season, one of the last things on our minds are taxes. While this is a traditionally busy time in most people’s lives, the holiday season is a great time to make some final financial moves in order to prepare for your taxes next year. Listed below are some of our favorite tips for how to stay ahead for your taxes this holiday season:
Christmas Bonuses Are Great, New Year’s Bonuses May Be Better: While no one wants to turn their nose up to a holiday bonus, it may be in your financial best interest to ask for a delay on your bonus. By asking for an additional week before receiving your bonus, you are able to push off the payment of taxes on the bonus for another 15 months. Depending on your particular financial situation, this may be a great way to reduce your costs this coming tax season.
Donate Your Excess During The Holidays: The holidays are a great time to think about what you are grateful for and help those less fortunate than yourself. While this can be good for the soul, it can also benefit you when it comes to filing your taxes. By cleaning out unworn clothes, old sporting goods, household items, and even larger items such as vehicles, you will be given a tax deduction. Keep close documentation of these donations so that you can include them in your taxes whenever you file.
Start Looking At The Numbers Now: If you are unsure of how much you will owe this coming tax season, before you spend too much on holiday festivities, it may be a good idea to look into getting an estimate for your taxes. There are online calculators you can access to get an understanding but these are not always accurate. The best way to ensure you are getting an accurate estimate on how much you will owe this coming tax season is by working with a tax professional, such as the ones at King Financial Services.
When it comes to filing taxes, one error can have the ability to cost you money and time. The last thing anyone wants is to be audited or pay more than they need this coming tax season. Work with the professionals at King Financial Services today to learn more about how we can help you maximize your refund and file without error this coming tax season!
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.