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Save Tax Dollars
  • Charitable Donations ~Document mileage, cash and non-cash contributions.

  • Maximize Retirement Plan Contributions ~ Set up an IRA or SEP account.

    • For IRA, contribute up to $5,000 ($10,000 with non-working spouse) before April 15th.

    • For Roth IRA, contribute up to $5,000 ($10,000) before April 15th.

    • If self-employed, establish an SEP and have the ability to make contributions as late as October 15th for a prior year tax deduction.

  • Take advantage of any company matching 401(k) or other retirement benefit plans.

  • Participate in Company Benefits

    • Take full advantage of company reimbursement and flexible spending plans.

    • Contributions to plan save both Federal income and social security taxes.

    • CAUTION: It is a "use it or lose it" plan so calculate a conservative estimate to contribute.

  • When purchasing a new home:

    • When paying points, try to buy the home at the beginning of the tax year so you will have enough interest and taxes to itemize your deductions for that year.

    • Home improvements increase the cost or basis of your home so if you rent it later there is more depreciation allowed.

    • Therefore, save all receipts including those for landscaping.

  • Timing. Time your real estate taxes, mortgage interest, donations, employee business expenses and other allowable deductions in one year or the next to maximize your itemized deductions.

  • Investigate change in circumstances. What has happened during the year that might affect your taxes? (i.e., Did a relative move in or move out of your home? Did you hire a nanny?)

  • Save all receipts. The Internal Revenue Service can deny deductions that are not documented for business or tax purpose.

  • Record the business use of your vehicles. Mileage logs or other form of substantiation are required. See automobile questionnaire.

  • Do NOT make distributions from a qualified retirement plan before age 59 ½. They are subject to a special 10% excise tax.​


Want to save money on taxes this year? Keep more of what you earned with these helpful tax guidelines!

NOTE: There are some exceptions to the rule. If you are considering taking money out of a qualified plan, such plans would include 401(k) plans, pension and profit sharing plans and employee savings plans, your employer is required to withhold Federal income taxes of 20% which is withholding to be claimed when you file your tax return. Even if you are planning on rolling the distribution into an IRA, the 20% withholding is required if a distribution is made directly to you. Withholding will NOT be taken on plan loans, distributions of employer securities, regular monthly payments (pensions), or transfers made directly to another plan (trustee to trustee transfer)


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Proactive Guidance

Office: (281) 370-6622

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