Most of the individual taxpayers finalize their taxes at the end of the tax year; the time when things are messy and all your files are out of order. Tax services in Lake Nona FL will help you get through your year-end tax preparation so that you do not get in trouble for being a late tax payer.
There are a number of challenges for tax payers in recent years due to changes in policies brought forth in the American Taxpayer Relief Act of 2012. Paying your taxes late is not an ideal situation and might get you into trouble. To make sure you prepare for your taxes ahead of time, tax services in Lake Nona FL have highlighted the following steps as necessary.
The aim is to minimize taxes, and for that an individual needs to follow some guidelines which will help him/her be an efficient and smart tax payer.
Low income, high benefits
When you have a very high income, it is most likely that you’ll be eligible to pay more taxes. Don’t try to set a very high income because it is not going to be profitable for you.
For example; if your income lies somewhere near $500,000 to $600,000, you might owe $10,000 to $15,000 more this year compared to last year.
Reduce Taxable Income
If you have a property or real estate or any asset, and you plan to sell it thinking that it is not liable to tax, then you are mistaken my friend. Any property, land, stocks, fine art, precious metals etc are subject to tax and are considered as collectibles. They might be charged with greater tax filings. Avoid selling such items, and if you want to invest, then invest in municipal bonds or municipal bond funds that are not counted as tax deductible under federal law.
Tax savings via charity
Be charitable this year if you want to reduce your taxable amount. You might start by donating your highly appreciated assets because they provide greater tax returns. Reach out to a good cause and invest money in it and save yourself a massive tax amount.
Count on deductions!
The most beneficial way to save money on taxes is by filing for appropriate tax deductions on deductible items. Individuals who are caught up in foreclosure crisis were allowed to exclude $1 million on their principal tax. Tax services in Lake Nona FL will help you define more criteria for tax deductions this year.
Even if you are installing energy saving electronics at your place, you can file for deductions for about 10% of the cost of the energy saving equipment.
Also, if you are an educator, you can take advantage of it and deduct up to $250 in unreimbursed expenses supplies used in educational purposes.
These simple tips by tax services in Lake Nona FL will help you figure out the best strategies to save money on taxes and prepare for a better tax year this time around.
If you need more information about our Lake Nona, FL accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, and Celebration, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.