Now is the time to get your finances in order for tax season.
Here are four tips to consider for a solid tax strategy.
- Do you know where your essential documents are? If you are looking to make taxes a breeze, it pays to prepare now. Having a central location both for online documents and those that come in the mail will keep you organized. AdviceWorks is an easy-to-use platform that allows you to securely save and share your important documents. Email us today if you haven't already set up your login.
- Are you thinking about donating to charity? Consider making two years of donations within the same tax year, also know as "bunching" to potentially maximize your deductions this tax season.
- Are you investing in the financial markets? Before tax season arrives, remember that you may claim deductions if you experience losses. A solid investment and financial plan will include a tax strategy that incorporates tax-deductible, tax-deferred and tax-favored investing.
- Are you tax documents safe from a computer catastrophe? Backing up your completed tax forms now can help avoid deadline headaches in the next few weeks. Using a secure site like AdviceWorks will protect your documents, keep them safe and secure and easily accessible. In addition, it is wise to use a backup method of saving your files on an external hard drive or a USB flash drive.
*This post is for informational purposes only and is not a replacement for real-life advice. Consult your tax professionals before modifying any part of your tax strategy.