Every year, millions of people begin the scramble to file their taxes on time. The weeks leading up to the deadline can be hectic and excruciating. Practically every single taxpayer is looking for receipts, employee forms, bank statements, and any other important documents they can find. However, all of this scrambling can be avoided if you simply start early for your Tax Planning in Brainerd, MN. The following are a couple of moves you can make at the end of the year in order to save money and have your taxes paid on time.
During Christmas time, a number of bosses love to reward their employees for a job well done by giving them bonuses. This is a tremendous gesture, and if you’re employer does this for you, you should thank them. However, this bonus money is going to have to go on your tax return. If you’re trying to save a little money this year, why not ask your boss to delay your bonus until after new years. If you wait a couple of weeks, you could simply delay paying taxes on your bonus until the following year. It’s a bold move, but there isn’t a taxpayer in this country who wouldn’t want to save a little money while filing.
How many unnecessary items are you hoarding in your home right now? Lots of people buy a lot of things during the year that they don’t use. The end of the year is a great time to get rid of some of this stuff and donate it to charity. Any old clothes, toys, books, and other items can be given as donations. You can simply keep a note of the donations you’ve given, or a receipt if the charity provides one, and use the value of them as a deduction on your tax return.
If you don’t have any goods to donate to charity, you can always donate money. The great thing about donating money is that most charities accept credit cards nowadays. You can simply charge your charity donation to your credit card, and pay the bill later on during the year. Since you provided your donations months before the tax deadline, you can still use them as deductions on your tax return. This is why Tax Planning in Brainerd, MN is so beneficial. Visit Brainerdlaw.com for more information on tax planning.
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