Tips on End of Year Tax
Posted on 2nd December 2024 at 13:21
๐ End-of-Year Tax Tips You Need to Know! ๐ธ
The yearโs almost over, but before you dive into the festivities, take a moment to get your taxes in order! ๐๏ธ
Here are 7 quick tips to help you save money and avoid stress come tax season:
๐ก 1. Get Organised
Gather your W-2s, 1099s, receipts, and any other financial records. Staying organised = smoother filing.
๐ 2. Maximise Deductions
Donate to charity, track medical expenses, or contribute to your IRA before December 31 for extra savings.
๐ 3. Review Your Withholdings
Make sure youโve paid the right amount in taxes to avoid surprises (or penalties).
๐ฐ 4. Offset Gains with Losses
Sold investments? Use losses to reduce taxable gains (hello, tax savings!).
๐
5. Plan for Next Year
Set up a tax calendar, organise records, and maybe consult a pro at JSBโitโll make your life easier!
๐ 6. Donโt Miss Deadlines
โ๏ธ Dec 31: Last chance to make deductible donations or contributions.
โ๏ธ Jan 15: Q4 estimated taxes due.
โ๏ธ April 15: Filing deadline.
๐ข 7. Stay Updated
Tax laws change all the time. Follow trusted sources or check with a tax expert.
Start now to keep the New Year stress-free and your wallet happy! ๐
Got questions? Drop JSB an email or call ๐ ๐ฑ โ๏ธ
#TaxTips #EndOfYearTaxes #FinancialPlanning #TaxSeason #MoneyMatters #JSB
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Above all, our objective is to save you time, money and effort in managing your accounts, leaving you free to focus on building your business.
Remember, youโre not alone, weโre always here to help if you have an accounts problem or query.
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