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TaxRevo Offers Last Minute Ways to Cut Taxes

Message from Joseph (Yossi) Reich, CPA, TaxRevo Manager

If you listen closely, you can probably hear the sound of the tax clock winding down. (Tick, Tick…) The window is closing to cut your taxes for 2016. Here are a few smart moves you should make before year-end:

  • If you think you owe state or local taxes, consider prepaying them before the end of the year in order to claim the deduction. Be aware of alternative minimum tax consequences.
  • Use your credit card to purchase (and deduct) items in 2016. Using a credit card allows you to take a deduction when the purchase is made, not when the balance is paid.
  • If you’re a business owner and need new furniture, fixtures, equipment, and computers to operate your business, consider making purchases before the end of the year in order to qualify for the Section 179 expensing deduction.
  • Maximize your employer tax-deferred retirement accounts such as 401(k), 403(b), or 457 plans.

Give us a call for more tax saving strategies that you can squeeze in before December 31.