Did you know that smart actions you take now will help with your taxes in the new year? You may be in the throes of enjoying your holiday season, but there are some easy tips that will significantly help you when it comes to filing your taxes. Below are some wise financial moves that will even impress your accountant. 

3 Tax Tips for Your Holiday Season

1. Get Organized Now

Though your taxes are the last thing you want to think about right now, you will thank yourself by getting organized before the new year. Take the time to gather any receipts from the past year, write down your deductions, and create a file for your tax preparation specialist. Additionally, schedule your annual visit with your accountant now before their schedule fills up in the new year. 

2. Maximize Your Retirement Contributions

Take a moment to increase any contributions to your qualified investment accounts. While the deadline is technically in April of the following year, by maximizing any contributions now, you will reduce your taxable income when it comes to filing. Also, you will be saving for your future.

3. Claim Any Donations on Your Taxes

If you’ve spent any time volunteering this past year, remember to deduct the travel expenses for the trip itself. The federal government allows you to deduct any expenses you incur, including mileage at 14 cents per mile. Consult with your tax planning professional to find out if any lodging, airfare, bus, or other travel expenses will qualify. 

Though it’s easier to put off preparing for your taxes during the holiday season, you will be doing yourself a favor by taking these tax-saving steps now. It also helps to consult your tax preparation specialist with any questions you might have before you meet in the new year. The qualified team at Simplified Tax has been providing the Sparta, Wisconsin area with trustworthy financial planning advice and tax return preparation for over 30 years. Call them today at (608) 269-2633 or visit their website for more information.