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Year End Tax Tips

November 22nd

As the year begins to wrap up, many people have yet to consider their 2011 taxes. The biggest mistake people make in preparing their taxes is waiting until the last minute. In addition to keeping up with receipts and important tax documentation throughout the year, people should also be preparing for the chance that they owe taxes at the end of the year.

Don’t Wait

Staying out of tax debt is as simple as being financially prepared and taking the time to thoroughly review your tax documents. Many people end up owing the IRS at the end of the year and cannot afford to pay their taxes. While most of us can’t forecast how much we will owe, we can prepare by having money saved that can be used to pay tax debts.

One of the biggest contributors to tax debt is failing to claim all eligible exemptions and deductions from your taxes. Many people don’t realize that they did not claim all that they may be qualified to receive in terms of tax deductions. Home renovations, especially that used energy efficient products, qualify for deductions on your overall tax liability. Investment or mutual fund losses may qualify for exemption, as well as retirement contributions.  Charity donations and businesses expenses are also commonly overlooked by many taxpayers.

It is important to remember that the more itemized deductions you claim, the higher risk you are for an IRS audit. Be sure to seek help from a tax attorney or tax professional about any questions you may have about your tax debts or liabilities.

 
 
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