Taxes are a constant every year. With just two short months before year end, now is the time to get a solid game plan in place for your 2013 tax filings, and 2014 tax strategy.
Here are a few tips to get your preparation started.
Income tax withholding. Review how much federal income tax is being withheld from your pay: Too much? Too little?
Gifts. Don’t overlook gift-giving as a tax-saving vehicle.
Charitable giving. ‘Tis the season for charitable giving as a year-end strategy. Know the deadlines for making or postmarking fiscal/tax year contributions to your favorite nonprofit or charity.
Need guidance? If all of this is overwhelming, a call to your accountant or tax professional might be in order. Their counsel can aid in charting a strategy for successful navigation of your personal financial and tax planning.
Also, before the rush of the holiday season, get a jump start on pulling together your key year end financial and tax related documents. The following represents just some of the items you’ll need to pull together in one place:
- Receipts, statements for itemized tax deductions (mortgage interest, student loan interest, charitable contributions, dependent’s care expenses statements, etc.)
- Documents related to employment compensation (i.e. W-2)
- Investment portfolio statements
Don’t wait. An ounce of prevention is worth a pound of cure, as they say. Plan now so you don’t have any unwanted surprises later when it comes to your finances.