Ten End-of-the-year Tax Tips You Won't Want to Miss

Here we go, getting ready for 2015 by rushing around during the last days of 2014. We’ve been advising against this, but the reality is, life is busy, especially if you own a business. So here is what you can do before the clock hits midnight, December 31.

1. Take some last-minute tax deductions. Contributing to charity is a great way to get a deduction. But remember, you need a receipt, regardless of the donation amount.
2. Scan your receipts. Why? You need backup copies long after the originals start to fade.
3. Contribute the maximum to retirement accounts, but know what the maximums are. If you don’t know what the maximum is, consult us, but do it sooner than later.
4. Watch your flexible spending accounts. Use it or lose it, in most cases.
5. Ask about expiring tax breaks. You won’t want to miss these.
6. Expedite expenditures, defer receivables. This means buy what you need now for your business, but consider putting off any collections for the new year.
7. Adjust your withholding. That’s right. Give more now rather than having to pay when you file your tax return.
8. Make sure you have health insurance. If you don’t, you will end up paying a penalty when you file your tax returns.
9. Don’t forget your business supply and material deductions if you run a business.
10. Give a tax-free gift. If you are married, you and your spouse can each give $14,000 without gift tax consequences. If the recipient has a spouse, you and your spouse can each give the recipient and spouse $14,000. You can do this in December and again in January.

Myerson & Myerson, CPA’s has loads of other tax tips you can take advantage of. Contact them today at 703-753-1040 or via email at info1@mandmcpas.com.

…Because you care enough to send the very least!