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Year End Financial Tips to Reduce Your Taxes
As the holiday season begins in earnest, taxes may be the furthest thing from your mind. However, by taking a little time to review your finances before the end of the year, you may be able to save yourself quite a bit when that dreaded April tax deadline rolls around.
Trevor Rice, a CPA for Stern, Kory, Sreden and Morgan in Santa Clarita, California, says, "The end of the year is the perfect time to look at your options as a taxpayer." To learn more, we sat down with Trevor and asked him for his advice on the subject. Here's what he had to say.
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The suggestions from Mr. Rice didn't end there. He went on to say that if you will receive a bonus at the end of this year and, at the same time, expect to be in a lower tax bracket in 2007, you may want to ask your employer to hold off on paying the bonus until early January. Rice says that your company may not agree because most employers will want to write your bonus off as a business expense this year. But it doesn't hurt to ask.
We ended the interview with Mr. Rice by asking him what's the best thing an individual taxpayer can do to mitigate their tax bill? Rice's response was the tax-deferred retirement account because it offers three benefits. He says, "One, it allows you to keep the money you earned; two, it helps you to plan for your retirement; and three, it's a nice tax deduction."
There you have it! Timely tax tips that will hopefully assist you in keeping more of your hard-earned money. As with many of the subjects we address in YOU Magazine, tax planning is serious business that requires the acumen of trained professionals. Our goal is not to turn you into a tax planning professional. Rather, it's to provide you with useful information you can discuss with your own CPA. Here's to good information, and here's to lowering your tax bill.
Trevor Rice has been a practicing CPA for the past eight years. A graduate of California State University at Northridge, Trevor also holds the title of CVA or Certified Valuation Analyst. He currently practices at Stern, Kory, Sreden and Morgan in Santa Clarita, California where he is also a shareholder. Trevor specializes in both individual and business taxation as well as business appraisals. He can be contacted via email at Trevor@SKSM.com.
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