Whether you’re an employee or a business owner in Tarpon Springs, you need to file taxes every year. For independent contractors or those who are self-employed, you will need to file quarterly taxes. Either way, most people don’t look forward to filing their returns, but with these tips from a tax advisor the process can be a lot simpler.
Use Up the Balance in Your Flexible Spending Accounts
If you have a flexible spending account with a “use it or lose it” balance, make sure you use it! Generally, if you don’t, the money goes directly back to your employer. Some companies in Tarpon Springs offer a grace period for use or reimbursements at the end of the year. So, if you have a flex benefits card, make sure you use it up on things like prescriptions or new glasses. If you don’t, it’s essentially money wasted.
Get More from Your IRA Contributions
Filers have until April 15th to create a traditional IRA for the prior tax year. When you open an account for the previous year, you can claim the credit on your return and file early, using the refund from opening the account. With traditional IRA contributions, you can reduce the amount of income that is taxable. Doing so will leave you with a larger refund.
Keep Your Paperwork Organized to Save Time and Money
By working with a tax advisor in Tarpon Springs and staying organized, you can save time and money. Gather all the paperwork and information related to the tax year in question. Important documents include Social Security cards, W-2 or 1099 forms, last year’s return, bank account information, proof of health insurance, and more. Keep each year’s paperwork and information separated by folders or tabs in a binder so that they’re easy to refer to in the future.
Time Your Mutual Fund Purchases Properly
If you wait until the end of tax season to buy mutual funds that are held in a taxable account, you might get hit with a big bill for year-end dividends. This is true even if you just purchased shares. Avoid paying additional taxes by consulting with a tax advisor. Ask them how and when to make purchases based on when distributions are scheduled to be made.
Work with a Tax Advisor at BizBooks4U
Trust BizBooks4U when you need a reliable tax advisor in Tarpon Springs to help you make the most of your tax returns. We’re a judgment-free zone where anyone can make sure that they’re on track for financial responsibility. Contact us online or give us a call at (727) 939-1044 to schedule an appointment with a professional financial advisor.
