As the end of the year approaches individuals and businesses alike would be well advised to consider a few simple year-end tax-planning tips. While working with a tax accounting firm is often the best strategy, there are still some important basic strategies that each individual and business should be aware of as a way to enjoy greater tax savings. For example, establishing a tax-free savings account is always a good strategy for those wishing to save money at the end of the year with regard to a tax bill.
This combined with retirement preparations can go a long way in helping individuals and businesses save money over the long term. In addition, making any charitable donations as the end of the year approaches is always a good way to improve one’s tax position. Along with contributions to charitable organizations, political donations, union dues, interest and other investment expenses as well as the cost of safety deposit boxes and medical expenses should all be taken into account as the tax year comes to a close.
Improve One’s Tax Position At The End Of The Year
These are all just general guidelines as it is always a good idea to work with an established accounting firm to enjoy the best results when it comes to tax planning. Other common strategies used to improve one’s tax position at the end of the year include contributing to an education related savings plan. The specifics with regard to these various tax strategies should be discussed with your tax accountant. Thomas P Friezen, CPA, PC is a firm with years of experience in the industry that offers free consultations and a generous amount of resources for those wishing to enjoy experienced tax preparation services.
A Team Of Professional CPAs
From incorporation related services to tax accounting and tax preparation and planning, Li, Friezen & Grossetta, CPAs, PC is a trusted and respected name in Tucson accounting firms. The company has a team of professional CPAs with a wide range of experience and a commitment to integrity. The firm is known for its hands on approach to tax related services. This provides peace of mind for clients in knowing that they are getting the best tax planning and tax preparation services in the greater Tucson area. Contact Li, Friezen & Grossetta, CPAs, PC today to learn more about Tucson tax accounting services that get results.