Tax Preparation in Charleston SC | Baldwin & Associates

 Maximize Your Savings by Minimizing Your Tax Return

Saving your hard-earned money is important to people. Some try to hold out on their expenses while others prefer to find out ways to avoid taxes. Paying your taxes is a great practice as it makes you an important part of the bigger system. It also helps you realize the true potential of your earnings. However, you should also know the way to minimize your tax returns so that you can save as much as possible for your future. You can also take the help of professionals in Tax Preparation in Charleston SC.

 There are many ways in which you can minimize your tax return which is given below:

Tips to Minimize your Tax Return

 

●     Try increasing your total deduction by moving some of your payments to earlier dates. For example, if you have a medical bill that you need to pay in January, pay it in December and deduct it from this year’s return.

●     You can also deduct the amount from your income by donating money to charity. If you are donating assets then the asset's “fair market value” is deducted from your income.

●     Self-employed people or those who need to send invoices for the payment can postpone the payment to next month to lower the burden of tax this year.

●     Increase your loss for the year to reduce tax on gains. You can also carry forward this loss if it increases above $3,000.

●     Use your flexible spending funds as many employers offer their workers flexible spending accounts. These funds can be spent on child care or medical bills. Use it before the end of the year.

●     Get your retirement account ready. If you contribute to retirement then it is a significant source of deductions on your tax returns.

‍

To Sum Up

 

The above-mentioned tips are really helpful if you wish to save money while you file for tax return. Although these can be followed easily, you should consider taking the help of a professional who can guide you better through the whole process. If you are looking for Tax Preparation in Charleston SC, then

Baldwin & Associates can help you achieve your goal. You can get a complete range of strategic tax planning and preparation decisions



Comments

Post a Comment

Popular posts from this blog

FIVE SIGNS YOUR SMALL BUSINESS NEEDS AN ACCOUNTING FIRM

Image
  For many business owners just starting out , accounting is something that they can manage on their own. But as a business starts to grow, your finances begin to take on a life of their own and demand more of your time and attention than you may have to give. The key to any successful operation is for you to focus on what you do best and delegate those things that you might not be as good at to those who are. Growth is a good thing, and if you are at a crossroads where you are considering whether Accounting Firms in Charleston SC are warranted, then that is also a good thing. These are five signs that you need assistance for success. YOU’RE SPENDING A CONSIDERABLE AMOUNT OF TIME DOING ACCOUNTING Your business is most successful when you are the person running it and making your service or product as awesome as it can be – not when you are counting invoices or trying to balance ledgers. According to statistics, trying too hard to multitask can make you 40% less productive than whe...
Read more

WHAT A PERSONAL CPA IS AND WHY YOU NEED ONE!

Image
As we head into the new year, many will resolve to get their finances in order. Often, people think that a CPA is something you only need if you have a small business and are completely unaware of what a personal CPA does or why they could benefit from hiring one. Why should you Google “personal CPA near me” and choose our firm today? These are just some of the reasons that you need one for the upcoming year and going forward . WHAT IS A PERSONAL CPA? A personal CPA is one who focuses on working with individuals rather than just businesses. As an individual, you aren’t required to keep a ledger of all the things that go in and what goes out like you are as a business owner, but that doesn’t mean that you wouldn’t be better off financially if you run your personal finances as you would a business, keeping track of everything you are spending on and making. A CPA is an accountant who has met educational and experience requirements and is licensed by the State. This is distinguishable...
Read more

BALDWIN & ASSOCIATES JOINS DRAFFIN TUCKER

Image
  Baldwin & Associates and Draffin Tucker are pleased to announce that the two Accounting Firms have joined, a move that allows both companies to expand their scope of services. Under the leadership of Bob Baldwin, Alys Anne Dennis and Stephen Moose, Baldwin & Associates has been offering individualized financial and accounting services for the greater Charleston area and coastal South Carolina since 2003. “We have decided to join Draffin Tucker because we share the same values of integrity, quality, and personal attention to our clients,” said Baldwin. “True to their tagline ‘Let’s Think Together,’ Draffin Tucker believes in real people working and thinking together to produce the highest level of services to support client and employee success. Baldwin & Associates shares this same philosophy – what a perfect match!” Draffin Tucker is an established firm offering a full range of professional accounting services for over 75 years from both the home office in Albany, G...
Read more