End Of Year Tax Tips

Hello Everyone, it has been a couple of months since I sent out my newsletter, so Happy belated Thanksgiving and a VERY HAPPY HOLIDAYS!

Many of you have heard, but some may not know, as to why you have not heard from me. I have had the opportunity to go back to school and obtain my Masters Degree. I started back in May and am on my way to get a Masters in Taxation. EXCITING right? Well that is why I am here, to help you with that lovely tax law.

Studying has taken a bit of my time, but I also have another exciting announcement. I hired a new person, Marsha Sorrough. Marsha started her Solution Finders position with us on November 3rd and is excited to meet all of you, if she has not already met you. I as well, look forward to seeing all of you real soon because tax season is only TWO weeks away…YEAH! Marsha will be the one greeting you when you call to make your appointment and when you stop in. Now with all that exciting news let’s get to the real fun, taxes.

It Is Time To Start Preparing For The Season Of Taxes

Here are some tips to help you:

Federal withholding

Most importantly, have you paid enough into federal withholding? It is not too late to make sure you have. Changes during the year could have created a shortfall. Life events, such as marriage, divorce or changing careers affects your withholding. Maybe you had to withdraw from your retirement. Did you take enough taxes out for that?

Did you move?

Did you move? Does your employer have your new address? Make sure all your forms are mailed to your correct address so you are not stuck trying to hunt down missing tax documents. If you are not sure if you are missing any documents, look over your old tax records to see who has sent you documents in the past.

Start gathering information

Start gathering information for deductions, such as medical, charitable, child care, or your children’s college tuition statement (1099T).

Consider adding money into your retirement plans

Consider adding money into your retirement plans or setting one up if you do not have one. As long as the account is opened by December 31, 2019 you have until April 15, 2020 to fund it for the 2019 tax year. This can be done for businesses and individuals.

Make sure your accounting is up to date

Business owners, make sure your accounting is up to date; do not wait until it is time to file. Organize your receipts. You should have a paper or electronic copy of every deduction you are claiming.

Have you been tracking your mileage?

You should have a log or an app to properly track your miles. You need to know how many miles you driven in the year and how much of those miles were business miles.

Do not wait until it is time to file

With the hustle and bustle of the holidays, do not wait until it is time to file to worry about your tax documents. If there is anything you need help with give us a call at 407-559-1047.

Now that I have your thinking about taxes, in case you missed it, I did a tax talk interview with Joe Carlisle on Joe Knows South Lake on South Lake. Click here to watch it: http://ow.ly/Gvmh50xsSib .

Again, all of us at Denise Calderon CPA wish you the very happiest of holidays!