You might think tax season is in the rearview mirror, but this summer could have something for in store for this year’s tax planning. Taking action now to get some great benefits and deductions. If you’ve already been following some of this advice, be sure to tell your accountant so you can get the most on your next return. You don’t want to miss out on these helpful tax tips!
When disaster strikes, there are a variety of challenges to rebuild what’s been lost. To make matters worse, individuals and families might not be able to deduct those losses on their tax return. Catastrophic events like tornadoes, floods, and fires can only be deducted as casualty losses when you’re living in a presidentially declared disaster area. That means a lot of people will need assistance in other ways than just a tax break.
The daily responsibilities of running a business can add up fast. You’re busy helping customers, following up with projects, and making sure your processes are running smoothly. Even still, you can’t ignore what’s going on in the “back office.” Your accounts tell the story of how well your company is growing and thriving. When you have accurate bookkeeping practices in place, you’ll be better equipped to catch problems before they get out of control.
After you file your taxes and get squared away with any payments, it’s normal to think that you’re home free. But what about an IRS audit? Even if you’ve paid what you owe, there are common mistakes with taxes that might flag some extra attention—especially if you’ve prepared your taxes on your own.
Working a summer job is a great way for teens to get valuable experience for their resume—not to mention extra spending money. Learning a little more about the tax implications can help them avoid any surprises when tax season rolls around next year. These tips are designed for you to make the most of your new earnings.
Getting the right credits on your taxes takes a careful eye and accurate reporting. You don’t want anything to go unnoticed! And since driving can be such a big expense throughout the year, you’ll want to make sure you claim all of your credits for different types of trips. That’s where mileage tracking comes into play.
The miles you drive for business and certain cases of personal driving should to be considered on your taxes every year. When you track your miles, you can receive tax credits to help with the costs of your gas and normal wear and tear on your vehicle. This can make a big difference at the end of the year!