Last Minute Tax Saving Ideas You’ve Overlooked

By December 14, 2017 May 7th, 2018 Taxes

Let’s Talk Tax Saving Ideas

Another December is here and it’s almost unbelievable how it’s this time of year again.

December is an exciting month for a wide variety of reasons. I feel like there are a couple in particular that you’d enjoy hearing about since Incite Tax is your resource to saving more and more money.

The end of the year is always a great point of reference. For you personally, for your business, looking over goals and comparisons, and getting a full snapshot of how good or bad the year has been. It’s really an opportunity to reflect on how you’ve improved and hopefully made a positive impact on those you interact with.

So, something I love to do is take 3-5 minutes and reflect on the year (I recommend you go through the exercise).

What are some highlights?

What has gone well?

How have I positively changed someone’s life?

What did I struggle with?

Why didn’t I reach my goals?

What’s the easiest thing I can improve that will make the biggest impact?

These questions help me focus. That focus brings clarity and with that clarity it gives me motivation and the capabilities to constantly try to improve.

As you think of your finances, things could be great, maybe things are just ok, or perhaps it’s been a rough year.

Whatever the case may be, now is a perfect time to stop and reflect.

And after I go through those previous questions in my initial reflection I always end with these three power questions.

Where are you?

Where do you want to go?

How are you going to get there?

At Incite Tax we’re not afraid to toot our own horn every now and again with how awesome our tax strategies and tax advice are. But most of the time we don’t have to because our clients do most of the talking for us:

“Incite is fantastic, best decision I made was switching to you guys. Always at the ready to answer my questions and always make sure I understand the answer. THANK YOU!!” – Brian

 

“You were passionate about helping me pay as little as possible to the government.” – Doug Shumway

 

“I have used Incite Tax for the past 5 years for both my personal and business taxes. They have always been extremely willing to assist me with my questions — no matter what time of year. I appreciate their expertise and training to allow me to maximize my cash flow and save an average of $20,000 a year in taxes.” – Lark Galley

 

“John Briggs and his team at Incite Tax are exceptional. I wanted to find a CPA that was willing to work for me rather than fill out a spreadsheet. I will never forget my first consultation, which was free, and rather than sell me on why I should hire them, John SHOWED me why and that tip alone saved me thousands and thousands of dollars last year alone. I figured that if that was the value of their free consultation then I wanted to be working with them for real. This is not an easy part of business to handle and can get complicated fast, but I am THRILLED I have this team as a partner. Thank you!” – Paul Blanchard

 

We’re here to help taxpayers take a proactive step towards more money. A lot more money…

That’s where the strategies come into play. And if you’ve been around us for any amount of time you know how awesome they are!

Like Writing off your Christmas Party or deducting your Christmas Gifts.

When you think of filing your taxes, think Incite Tax.

So, with it being the end of the year, this is your last chance to make sure everything is aligned for your taxes.

Have you been wondering how much you’ll owe?

What you should set aside for Satan (The IRS)?

Or if you’ve paid enough throughout the year?

You can get these questions answered. We’ve been doing it for our clients for the last three months.

It’s helpful to discover the unknown and remove that unnecessary stress.

But I want to give you something you can do these last few weeks to ensure your taxes are as low as possible and engineer a more positive tax season for you.

  1. Prepay State Tax – This is a no brainer if you are going to owe taxes. When we usually start talking tax it’s not very sexy, but this strategy is pretty cut and dry. Let’s say you owe $1,000 on your state tax return. If you pay that before the end of the year, then Uncle Sam lets you deduct that on your federal taxes.

 

  1. DonationsCharity donations are deductible and this time of year a lot of people like to contribute to certain charities. Here in Utah we have a lot of clients who pay tithing to the LDS church. If you’re looking for some extra tax savings, you can donate more or you could prepay your January amount before the end of the year to have a bigger donations.

 

  1. Prepay MortgageIf you own a home you get the benefit of deducting your mortgage interest and property taxes. To get some extra tax savings you could pay more than your minimum payment and deduct more interest than you would have otherwise.

 

  1. Deductions are Your Best Friend What have you not claimed as a tax deduction that you should have? Or what would you like to purchase now that can be a tax write-off. Yes, I’m saying you can go buy something just to deduct it. That isn’t the best option, but if you’re already going to be buying it anyway, then do it this year. Plus, you can think more creatively and make other purchases business related and give them an actual business purpose.

 

We have other tax strategies that give you big deductions, but you don’t actually spend money…and we love sharing them, but those need more than a post to explain the awesomeness.

If you’re looking for some of those right now though, it’s time we chat about your situation.

Email info@incitetax.com and we’ll give you a 15 minute tax saving session to help you maximize your tax savings before the end of the year.

 

 

One Comment

  • Dale Curits says:

    Yes, I would like to discuss more options of spending down some money on legal items before the end of the year…. lets talk.

    Dale

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