Although the start of the tax season is here you still have time to make the tax-filing easier and cheaper on your wallet. It goes without saying that your end-of-year tax bill is never cast in stone and now is the time to make sure that you have crossed all your t’s and dotted all your i’s. Here are some pro tips to help you take advantage of all the tax benefits open to you throughout the year and save time when filing your taxes with Uncle Sam.
Make Retirement Plan Contributions
Make sure to fund your retirement account by the 17th of April 2018 as that is when you have to make payment towards all traditional IRA and Roth IRA (except Keogh or SEP). Such deductible contributions help reduce your tax bill and allows your contributions to compound tax-deferred. To be eligible for full 2017 annual IRA, you need to be either:
- Ineligible for a company retirement plan, or
- Have a maximum $62,000 in Adjusted Gross Income if you are single or $99,000 if you are filing jointly as a couple
If only one partner qualifies for a company retirement plan, your contribution with qualifies to be fully deductible in the joint filing as long as both incomes do not exceed $186,000. Talk to a tax attorney or CPA today for more information and advice on how you can lower your tax liability for 2017 and save time when filing.
- Make sure that your tax records are organized, such as receipts for 2017, 2016’s tax return, and Current W-2’s and 1099’s.
- Itemize your tax deductions if you stay in a high tax area, are self-employed, or own a home, and your qualified deductions exceed $6,350 or $12,700 for singles and couples filing jointly, respectively.
- Make an estimated tax payment to escape an unexpected tax bill, interest, and penalties.
- Get back taxes help from a reputable tax law firm, if you have any, and file and pay on time
Need Expert Help?
Getting expert help from a tax attorney goes a long way to helping you save time on filing and reduce your tax liability. Nick Nemeth is a seasoned tax attorney specializing in IRS tax debt issues. Whether you need help to file back taxes or your current dues, you are in the right place. Call us now to learn more about how our tax law firm can help you sail through the tax filing season and save big. You can reach us at (972) 426-2553 .