Can you believe 2014 is already coming to an end? You know what that means. Time to prepare for taxes!
Don’t be this guy.
Most people assume that since we’re nearing December 31, that all money-saving options to defer income or accelerate deductions have come and gone, however, that’s not necessarily true! There are still some things you can do beginning January 1, 2015 to help save on taxes and prepare yourself for the upcoming filing date. Below you will find a list compiled by national tax experts on 10 things that will help not only save you time, but money too!
- Contribute to your retirement account. Making a deductible contribution will help you lower your tax bill this year.
- Make a last-minute estimated tax payment. If you haven’t paid the IRS enough throughout the year, you could have a huge payment waiting for you. YIKES.
- Organize your records for tax time. This will at the very least, save you some crazy anxiety.
- Find the right tax forms. If you go to the Internal Revenue Service website, you will find every downloadable form that you will need. Don’t waste time at the library or post office searching for forms!
- Itemize your tax deductions. If you are self-employed, own a home or live in a high-tax area, it’s worth your time to itemize opposed to taking a standard deduction.
- Check to see if you qualify for a home office deduction.
- Have your dependents information ready. Make sure you have their SS number and if you are divorced, only one of the parents can claim the children.
- File your taxes and pay ONTIME. It seems like a simple enough idea, but sometimes, life gets in the way and forgetting to file can be a costly mistake. If you need an extension, file form 4868 by April 15.
- File Electronically. If you are expecting a refund, electronic filing is usually quicker.
- Do you need help? If so, that’s where Tax Alternatives comes into play!
Tax Alternatives provides bookkeeping, accounting and tax services for small business owners desiring the advantages of accurate, well-organized records but without the complexities or costs involved in employing a full or part-time bookkeeper.
Give us a call at 615-742-1099 to get your business and/or personal finances in order today! We offer a FREE 30-minute consultation so there is no hassle or obligation and we have three convenient locations to choose from in Brentwood TN (Nashville), Columbia, TN, and Portland, TN. We truly service all of Middle Tennessee!
Interested in special offers and discounts? Click HERE for our monthly specials!
We look forward to serving you at Tax Alternatives!
