If you are like most people, you are certainly not thinking about taxes during this time of the year. This can be a mistake though. When it comes to your taxes, part of having a successful tax season is being prepared. That takes time and it takes some strategy. If you think about tax season long before your taxes are due, you will be able to make some changes that can help you be more prepared when the time comes. Mark Dicus & Company is here to talk about some changes you may want to make right night to better prepare you for next tax season.
What Should I Check on My W-4?
You can count on coming up disappointed after tax season from time to time. If you were disappointed with how your taxes turned out last year, it may be time to make some changes now. This means taking another look at your W-4 and making some changes to your withholdings. This means that you are adjusting just how much is being withheld from each paycheck depending on what your goals for tax season are. Some people like a large return and others would rather have more money throughout the year and not get much back. If you were stuck paying, you may want to have a little more withheld from each check to avoid that next year.
Should I Max My Retirement Contribution?
There are many employers that will match your contributions up to a certain percentage or dollar amount. Make sure you aren’t leaving any of that money on the table. You also want to max out any tax-deferred retirement without going over it. When you go over that amount, it can come with some penalties that will bite you. Flex spending accounts and health savings accounts are also something that you should consider. This is money that is tax-deferred savings to spend on healthcare needs.
Realign & Rebalance Investments
When it comes to your stocks, you need to make sure you get rid of the ones that aren’t working for you anymore. You can sell them and use the losses to offset any realized gains or reduce your taxable income. You can deduct up to $3,000 in realized losses every year. Even if your losses exceed that limit, you can carry them over to the following tax year. Just make sure you don’t sell it and then try and turn around to rebuy it right away. The IRS won’t allow you to do that and claim the losses.
Tax Consulting, Preparation, Filing & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you have questions about what changes you should be making right now to better prepare yourself for tax season next year, you can turn to Mark Dicus & Company for all the answers. We will help you prepare so that your tax season is a success. We have extensive knowledge and expertise in tax preparation. Call us today!