The holiday season is here already, which means tax time isn't far behind. Although the year is almost over, you still have time to take advantage of some tax breaks to decrease the amount you owe when it's time to file. B & B Money Management, New York City's tax filing experts, have some year-end tips for increasing your tax refund in 2016.
Before New Year's, make sure you:
- Get Your Paperwork Ready: Gather your receipts and other documents and organize everything to make sure you're not forgetting any important deductions.
- Defer Your Bonus: If your year-end bonus could bump you up into a higher tax bracket, see if our employer will pay you in January instead. If you face the same problem next year, though, this tactic might not do you much good.
- Accelerate Your Deductions: Some tax deductions are recognized in the same year you make them, regardless of how late in the year it is. For example, if you make an extra mortgage payment on New Year's Eve this year, you'll still be able to deduct it from your 2015 tax bill.
- Share The Wealth: Charitable donations are tax deductible, and they become especially popular during the holidays. Clearing out your unwanted items and donating them to charity will help a family in need while cutting your tax bill for the year.
To learn more about filing for your taxes, visit B & B Money Management online to see their full list of accounting and tax services, or just call (646) 847-9587 today.