General Tax Tips
- DO NOT WAIT UNTIL THE LAST MINUTE: You'll lose financial flexibility in what you can claim as your options become more limited with time.
- ORGANIZE DOCUMENTS & RECORDS: Be sure to have all documents that you might need to have with you (i.e. wills, social security card, mutual fund statements, receipts, etc.).
- MAXIMIZE IRA CONTRIBUTORS: Tax deductions, tax-deffered, or tax-free growth on earnings are just a few of the benefits provided by maximizing IRA contributors.
Tax Tips for Your Business
- LIST OUTSTANDING BALANCES: Make a list of customers with outstanding balances as well as other accounts receivable for your company. Non received balances can be deducted as bad debts on your tax return.
- PROFIT AND LOSS STANDING: Get to know your business profit and loss standing. If you show profit, you can invest in business assets. Your receipts can be used as business deductions to lower your taxable income.
- INVENTORY WRITE-OFFS: Goods that have been damaged or have become obsolete drop in market value. The drop in value can provide your company with added deductions
The are just a few of the many tax tips that can save you money. As a homeowner and/or a business owner, how many tax tips are you aware of? Joy Ward Accounting & Tax Services make it their business to navigate through tax codes and procedures so you can learn which tax tips work the best for you.