We’re halfway through the year, and it is time to stop procrastinating. Get rid of your lingering IRS tax issues so you can relax and enjoy the rest of the summer. Here are some tips to lighten your financial burden.
Withholding Adjustment
If you either received a large refund or ended up owing a great deal of money, it is time to adjust your withholding. Your withholding should accurately reflect the amount of tax you owe, so that you do not receive or owe a great deal of money on April 15. The clients who come to us in need of IRS tax help are constantly adjusting, in order to reflect their needs as the year goes on.
Estimated Taxes
If you pay quarterly estimated taxes, by this time of year you may have a good idea of your annual income. Since you have already paid taxes in April and June, figure out whether you should increase or decrease your September or January payments. If you’re in need of IRS tax help, please call our office. If you haven’t paid estimated taxes quite yet, we can build a plan for you.
Finish Your Return
If you received an extension, don’t wait until October 15 to file your taxes. Get it done now, so there is no need to rush come fall. Taking time with taxes means you could discover deductions or credits overlooked when you face a tight deadline. Further, if you owe and you’re in need of IRS tax help, you can reduce penalties by filing sooner.
Donations
Avoid waiting until the end of the year to make deductible charitable donations, especially if you’re in need of IRS tax help. Many people can’t give as much as they would like at that time of year because it’s so close to the holiday shopping season. Charities need funds year-round. Just make sure you receive a record of your contribution for tax purposes. If you need IRS tax help, this will assist in increasing your expenditures and reducing your tax burden.
Retirement Savings
Even if you have a 401(k) plan at work, you can still contribute to a traditional IRA even if you aren’t eligible for the deduction. You aren’t taxed on the income until you start making withdrawals in retirement. If you don’t have an employer-sponsored retirement plan, you can contribute to a traditional IRA or SEP-IRA and take the deductions. If you’re in need of IRS tax help, this will help cut down on your overall tax burden going forward.
Hire a Tax Pro
A tax professional provides advice and planning if you need IRS tax help, and avoid problems in the future. Do not wait until October 14 this year or April 14, 2017 to realize you need this service!
Call our Office
If you need IRS tax help, this is an excellent time of year to contact our office at 720-398-6088.