Savvy End-Of-The-Year Tax Moves

Small Business Tax Preparation in Ontario CA Area

If you are like most people, the thought of paying taxes does not bring up warm and fuzzy feelings. Instead, you may have vague anxiety regarding all the paperwork that must be dealt with and the concern of potentially owing additional money to the federal and state tax authorities.

One way to alleviate some of these concerns is by doing a little planning. When you plan, you may uncover opportunities to save on your tax bill. Consider utilizing a professional company like Whyte & Associates, Inc, for individual or small business tax preparation if you are in Rancho Cucamonga, California.

Savvy Moves to Consider Before Year-End

Here are a few of the most common ways to save money on your tax bill by planning ahead:

  • Give to Your Favorite Charities. Giving back to society can be a deductible event and serve to lower your tax burden.
  • Investment-Related Savings. Consider tax-loss harvesting this year and deferring capital gains until next year as part of an overall program to reduce your tax burden.
  • Utilize Qualified Retirement Planning. Qualified retirement plans, such as IRAs and 401-Ks, may enable you to maximize tax-deductible contributions before year-end.
  • Take a Look at Your Health-Related Spending. The tax code provides for tax deductibility for qualified medical expenses. Some of the deductions may include the cost of insurance, medical devices, medications, and a host of others.
  • Are You Paying Off a Mortgage? Making an extra mortgage payment may be a good idea, especially if your mortgage interest rate is relatively high. You will instantly have an additional amount of interest to deduct when you prepare your taxes.
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Partner with a Professional Tax Planner

Get ahead of the tax game by looking ahead at your financial and tax situation—beef up your deductions and credits by taking action now.

Contact Whyte & Associates at (909) 575-0080 if you are in Rancho Cucamonga, California, and are seeking the services of a competent tax expert. When you partner with us, your tax filing will be correct, and your tax bill will be as low as legally allowed. 

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