Queen Creek, Arizona
22721 S. Ellsworth Rd. Suite 106
Queen Creek, AZ 85142
480-732-9898

5 Tips From a Tax Services Professional to Help You Prepare for Next Season May 8, 2017

Queen Creek, Maricopa
5 Tips From a Tax Services Professional to Help You Prepare for Next Season, Queen Creek, Arizona

The 2016 tax season just ended, but that doesn’t mean you should wait until next January to start thinking about your 2017 filing. Taking the right steps today can make your year less stressful. Steven M. Vogt, CPA, offers a full range of tax services at his Chandler, AZ, office to help you prepare for the coming tax season. These tips can help you manage your financial records, so next year’s filing is more manageable.

1. Get Organized

Whether you have a regular full-time job, own your own business, or are self-employed, the key to a stress-free tax season is getting—and staying—organized. This could be as simple as creating a folder to hold important financial documents in one place or as complex as developing a system to track business-related expenses like supplies and gas mileage.

2. Review Your W-4 Withholding

tax services Chandler AZWhether you received a large tax refund this year or owed more than you anticipated, review your current W-4 withholding and consider making adjustments. While getting a refund is nice, ask yourself whether that money could have been better spent throughout the year or put in an interest-bearing account. As part of his tax services, Steven M. Vogt, CPA, can help you determine how much you should be withholding this year.

3. Make & Track Charitable Donations

Making charitable donations before the end of the year can lower your tax liability. Keep the receipts you receive as proof of these donations in case you are ever audited.

4. Contribute to Retirement Accounts

Contributing to eligible retirement accounts, such as a 401(k) or a traditional IRA, can lower your taxable income. There are limits on how much you can contribute and still receive this benefit. In 2017, the IRS permits individuals under age 50 to contribute as much as $18,000 to a 401(k) and $5,500 to an IRA. Individuals over 50 can contribute up to $24,000 and $6,500, respectively. Self-employed individuals can contribute up to 25% of their net earnings, excluding personal contributions.

5. Get Health Insurance

If you didn’t have insurance in 2016, you may have paid a penalty. Although the Affordable Care Act is at the center of today’s political debate, signing up for insurance now can help you avoid those penalties in the future. While open enrollment has passed, you may still be eligible if you meet certain criteria.

If you already feel stressed about preparing this year’s returns, you need the comprehensive tax services offered by Steven M. Vogt, CPA. He offers both business and individual tax preparation to help clients avoid IRS tax problems. Visit his website to learn more about his services or call (480) 732-9898 to schedule an appointment.

Other Announcements, Events and Deals from Steven M. Vogt, CPA
3 Qualities of a Great Tax Preparation Professional, Queen Creek, Arizona
Tax season may be months away, but now is the perfect time to start planning. This time of year, tax preparation professionals have the time to take on new clients and develop p...read more
Financial Service Experts Explain How to Manage Personal Expenses as an Independent Contractor, Queen Creek, Arizona
Do you make your living as an independent contractor? If so, handling your personal finances goes hand in hand with running an efficient and successful business. Financial servi...read more
How Is a Bookkeeping Specialist Different From an Accountant?, Queen Creek, Arizona
As a small business owner, you know that an experienced accounting firm can help manage the company’s finances. However, you may be struggling to decide whether you should hire a boo...read more
5 Bookkeeping Services Business Owners Should Expect , Queen Creek, Arizona
When it comes to hiring the right person to oversee bookkeeping, it’s worth the effort to do a little homework. Partner with the wrong company, and hard-earned money and time are&nbs...read more
Why Bookkeeping Services Are Invaluable to Keeping Track of Your Accounts, Queen Creek, Arizona
Whether you’re a business owner or simply want to manage your personal finances, bookkeeping services are a great way to keep track of your accounts. From tax filing to general ...read more