Tax Planning for Individuals

Filing income taxes can be a stressful experience for anyone. However, the more steps you take to plan ahead for taxes, the better off you'll be. As the year draws to an end, it would be a wise choice for you to begin planning your strategy for filing taxes next spring.

If you wait too long to formulate your tax filing strategy, you may miss out on valuable assistance from professional tax planners.**

Here are some important year-end tax planning tips for your household income taxes:

1. Keep old returns handy. Pulling out old tax returns allows you to find ways to save money on your upcoming return. Could you go over your past couple of years in tax returns to compare your past income and deductions to your current income and deductions?
2. You can take advantage of tax shelters. United States tax laws offer consumers different ways to cut taxes by putting their income toward specific financial goals. Using these tax shelters wisely can add up to great tax savings for you and your family.
3. Please be careful about your deductions. The standard deduction is automatic but is not always the best deduction plan for you. If you keep records and itemize your deductions, you may get a much larger deduction in return.

The bottom line is that a little research, planning, and early preparation can pay off significantly. If you begin now as the 2024 Tax filing deadline draws to a close, you'll be more than prepared for tax day and beyond.

George Verar, CPA TAX STRATEGIST https://www.jvcpa.com