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While most people will never be able to completely eliminate their tax liability, paying attention to your finances all year round can help minimize your bill when tax season does arrive. Hal Surratt CPA, a tax accounting expert based in High Point, NC, advises everyone who wants to lower their taxes to make a plan that allows them to take advantage of as many benefits as possible.

You can start on next years' taxes by:

  • Saving For Retirement: Investing your money is a good idea in its own right, but it can also help cut your taxes. The money you put into an IRA or 401(k) account is taken out before tax, meaning you won't have to pay taxes on it until you withdraw it later.
  • CPAUsing Flexible Spending: Some employers provide flexible-spending accounts, which allow you to take a certain amount of money and put it into a special tax-free account, which is only to be used for certain needs. If you are going to spend money on health insurance, dependent care, and medical expenses, flexible spending accounts are an excellent way to lower your tax liability.
  • Donating Money & Items: Belongings you donate to charity, as well as cash contributions, can be deducted from your gross income, as long as your total deductions are higher than the standard deduction. Some expenses related to volunteer work can also qualify for deductions.

For tax preparation expertise and a dedication to helping their clients solve even the most difficult tax-related problems, turn to Hal Surratt CPA. These committed professionals offer a wide range of services, so whether you're a small business owner or an individual with a very simple estate, they'll help find all the deductions you qualify for. Visit their website to learn more, or just call (336) 861-4024 to make an appointment with a CPA today.

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