The end of the year is the perfect time to get your expenses in order and get in a few extra deductions before the 2019 tax period is over. Tax planning now will help you stay organized and make tax season a breeze. Use these helpful tips to do this between your holiday festivities.

4 Tax Planning Tips for the End of the Year

1. Make a Charitable Donation

The holiday season is the perfect time to get in a charitable state of mind. If you itemize your deductions on your federal tax return, a charitable contribution to a qualified organization is deductible.

Choose an approved organization that is running a holiday drive so you can feel good about your donation and the meaning of the season. Make sure to keep any receipts and records of the gift.

2. Get Your Receipts Together

If you don’t take time to get your receipts organized now, you’ll probably end up rushing to find them when tax season arrives. To avoid missing any potential deductions, begin your tax planning early by collecting all receipts related to business expenses.

3. Maximize Your Retirement Account

As the year wraps up, make a contribution to your 401(k) or individual retirement account (IRA). Save money for your retirement and reduce your amount of taxable income before the year is over by maximizing your contributions.

This tax planning tip is an especially good idea if your employer matches your contributions.

4. Defer Your Income

If you are expecting a holiday bonus or any self-employment income, try to have it deferred until next year. The added boost in income can push you into the next tax bracket and cause you to owe more money. If you push it to the beginning of 2020, you’ll have an extra year to pay the taxes on it.

Get help with your end-of-the-year tax planning by contacting the talented accountants at Engelson & Associates, Ltd. in Holmen, WI. They offer expert advice and actionable solutions for all of your tax needs. These certified public accountants also offer their wide range of services at competitive rates and are dedicated to helping you achieve financial success. Learn more about what they do online or make an appointment by calling (608) 526-3437.