As the year comes to a close, the thing on most people’s minds are the upcoming holiday festivities and all the family, food, and fun that come with them.
However, did you know that this is also a good time to employ some basic tax strategies to minimize tax expenditures and maximize your benefits?
At Gonzalez & Arrambide, we like to help the joy roll into the new year and on! Our team of talented Weslaco CPAs and vCFOs can show both individuals and businesses the best tips to improve your financial circumstances come tax time.
Tax Advice for Individuals
- Make a Charitable Donation – Contributions to charity allow for beneficial tax write-offs. Remember, cash contributions must be documented and additional forms may be required if property or vehicles are donated.
- Contribute to Your Retirement Account – Leverage retirement account savings as making payments to it now offers reductions in taxable income.
- Additional Tips – If you accelerate deductions and defer income, it will pay off come tax time. Also, consider withholding from your salary if in danger of penalties.
Tax Advice for Businesses
- Add Family to Payroll – As long as you work within the specified rules and regulations, this strategy can work out for your family and business.
- Make a ROTH Conversion – This move allows you to pay taxes at a lower rate now without paying future taxes on withdrawals.
- More Strategies – We recommend that you push income to the following year while you expedite expenses for the current year. Also, file any necessary articles, and implement a 401(k) plan before the end of the year.
Let Weslaco CPAs Gonzalez & Arrambide Provide the Tips You Need
Regardless of the time of year, the skilled certified public accountants and vCFOs at Gonzalez & Arrambide in the Rio Grande Valley can offer expert tax advice!