Although the filing deadline for 2017 is a few months away, now is the time to start preparing for this year's tax implications. According to Erie & Associates, P.C., an established accounting firm in Texarkana, TX, advance tax planning at the beginning of the year is critical to minimizing your tax liability.

As the year progresses, the tax planning accountants recommend three helpful tips to keep in mind:

• Keeping Meticulous Records: Every year, millions of dollars of deductions go unclaimed because the taxpayer cannot provide proof or has forgotten about the purchase entirely. Keep all eligible receipts and documentation together, preferably in an easily accessible location. If you're self-employed or make a significant number of deductible purchases, you may want to adopt an electronic receipt tracking system to make your calculations easier next season.
• Contributing to Retirement Plans: Contributions to eligible retirement plans, like 401(k)s or traditional IRAs are tax-deductible, up to certain limits. The tax-deferred nature of most of these plans maximizes the value of your investments while significantly reducing your tax exposure. If your employer provides matching funds, depositing the maximum will allow your retirement account to grow as quickly as possible.
• Maximize Your Charitable Donations: Charitable giving is an excellent way to lower your tax burden, allowing you to deduct an almost unlimited amount. Almost any donations to eligible organizations in any form are tax deductible, including any unused or unwanted items donated to charity.

The accountants at Erie & Associates, P.C. have extensive experience helping taxpayers and businesses structure their finances and adopt tax plans designed to maximize deductions and credits. As a full-service accounting firm, the team can handle almost any need, no matter how simple or complex. Visit the website now to learn more about the tax planning services available, or call (903) 792-6651 for an appointment with a member of the team today.