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Thanksgiving is finally behind us and Christmas is right around the corner, which means tax time will be here before you know it. If you often scramble to gather all relevant financial documents by the time April rolls around, why not take a proactive approach this year and start preparing to file in December? Below, the knowledgeable team at Sharrard McGee & Co PA in High Point and Greensboro, NC, shares a few end-of-year tax preparation tips to get you started.

Tax Preparation Tips for December

1. Review Your Quarterly Payments

If you own a small business or work as an independent contractor, you should have been making quarterly tax payments. Gather the documentation for these payments, review the receipts to make sure you’re on the right track, and put them with any other financial paperwork. If you have not been making quarterly tax payments or it is clear you have underpaid, do not wait until April to calculate how much is due. Instead, call a tax advisor as soon as possible and schedule an appointment to determine the most strategic way to proceed.  

2. Max Out Retirement Contributions

tax preparationContributing to a tax-deferred retirement account is a sound investment for the future; however, there is a limit to how much you can invest annually. If you have not reached the maximum contribution for the year—$18,000 for those who are younger than 50—consider investing more. Fortunately, you have until April of 2018 to max out the 2017 contribution.

3. Schedule an Appointment With a Tax Advisor

If your schedule will be somewhat predictable over the next few months, call now to make an appointment with a tax advisor. Any reputable accounting agency that provides tax preparation services is not going to have open slots for long. Keep in mind that businesses and individual clients typically have until the end of January to send out their 1099 forms, so schedule the appointment for February, if possible, to ensure you will have all the necessary documents by then.

If you need assistance filing taxes this year, turn to Sharrard McGee & Co PA. They have been proudly serving the triad area for 40 years, and they are committed to giving each and every client the personalized attention they deserve. You can learn more about the tax preparation services they provide by browsing their website. To discuss your filing needs with a tax consultant in Greensboro, call (336) 272-9777. You can also talk to an accountant in High Point by calling (336) 884-0410.

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