a jump start on your next year’s taxes requires thought and planning.
know that taxes may be the last thing that you want to think about right now
since April 15 just passed. However, it is the smartest move you could make.
taking advantage of opportunities now, you could easily make next tax season
less stressful for yourself. So….why not:
Clean out your closet! Spring is here! As quickly as
the weather changes, so do fashion trends. So why not capitalize on that? If
you still have clothes from 2 years ago with tags on them or if your kids have
outgrown their winter wear, donate those clothing items to charitable
organizations like Goodwill or Salvation Army.
Invest in a rental property. Costs to upkeep rental
properties are tax deductible. Certain expenses, such as homeowner association dues
and condo fees, property taxes, and repairs are also considered deductible,
along with a full range of other expenses. There are stipulations to consider when
investing in a rental property. IRS Publication 527
goes into detail.
Send your kid(s) to summer camp.
and cons to this one. Check out my previous blog to
see how the child and dependent care credit works, along with the advantages
and disadvantages of sending your kids to summer camp.
Contribute to an IRA. Contributing to a traditional
IRA is tax deductible. Contributing to a Roth IRA may place you in a lower tax
bracket. Saving for retirement can be a tax benefit, and putting money aside could possibly reduce your tax
Take that job offer. The costs associated with your
job hunt and relocation expenses are tax deductible.
Go green. Riding your bike to work once a
week, skipping the paper grocery bags, using natural products. There are
several ways that you can go green! Something simple, such as installing solar
panels on your roof, can qualify you for a deduction.
Review your insurance needs. Long-term health care is tax
deductible as a qualifying medical expense. The IRS website has more
to your Liberty Tax preparer to see what you can do to prepare for next tax
season. Use our office locator or call
1-866-871-1040 to find an office near you.
Disclaimer: Every effort has been taken to provide the most accurate and
honest analysis of the tax information provided in this blog. Please use your
discretion before making any decisions based on the information provided. This
blog is not intended to be a substitute for seeking professional tax advice
based on your individual needs.