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Tax season is quickly approaching, and for many Americans, this means it’s time to crunch some numbers. Tax planning can be a real challenge, especially if you lack essential knowledge regarding the best approach to your individual financial situation. Reliable support can make all the difference in this case, and in Texarkana, TX, the professionals at Erie & Associates, P.C. are dedicated to providing their clients with the insight they need to properly plan for tax season.

Tax Planning 101: 3 Tips for a More Efficient Process

1. Bill Strategically

For those who are self-employed, one tax saving strategy involves delaying or ramping up payments to take advantage of changes to tax rates in 2018. Decreased tax rates mean that if you earned the same amount of money as the previous year, your income taxes would be lower. You can take advantage of these shifts by strategically sending out invoices to capitalize on the changes.

2. Prepay Property Taxes

tax planningAnother change occurring this year is the limit being imposed on state and local tax deductions (of which the maximum is $10,000). In this case, the tax amounts greater than the limit can be prepaid to capitalize on these recent changes. This is particularly useful for those who pay a lot in property taxes.

3. Increase Donations to Charities

When it comes to deductions, many taxpayers prefer making charitable donations. How, recent tax reform may render deduction related to charitable giving unavailable. You can double up on donations to counter this change, which will allow you to take advantage of any deductions at the same rate as previous years.

If you need the assistance of a skilled and capable accountant in Texarkana, Erie & Associates, P.C. is poised and ready to help you. Visit these CPAs online for a complete listing of the financial services currently available. You can also call (903) 792-6651 to get answers to your individual tax planning questions.

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