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Money Saving Tips for Tax Time

Posted on: January 15th, 2016 by consultingsrvs No Comments

Money Saving Tips for Tax Time

 

Money Saving Tips for Tax Time

The new year is here and you need to think about filing your taxes and work out ways to reduce your obligations. Simply said, it’s time to start planning. Here are a few tips that promote smart choices.

Be aware of possible tax provision extensions

Congress can still extend some popular tax provisions before the end of the year. Look for updates on provisions such as taxpayers 70.5 years and older to make tax-free charitable donations or business deductions for serviceable equipment, and more.

Track the time you spend on business activities

Keep track of time spent on business activities. Business owners may be relieved of the 3.8 percent Medicare tax on business income if they participate enough in the business to prevent being classified as a passive investor.

Stay current with information reporting

Make sure you comply with required documentation and be on time to prevent potentially large fines at tax time.

Keep on top of your state and local responsibilities

Keep in mind that State and local government agencies enforce their own tax filing and payment obligations for income, sales, and property. Be sure to avoid additional charges.

Increase deductions to defer income

As far as taxes go, you want to accelerate deductions and defer income. Think about deferring bonuses, self-employment or contract earnings. Consider increasing regular income and real estate tax payments throughout the year.

Do you anticipate a tax deficit?

Examine your withholdings for the upcoming year. Estimate what your tax payments will be. If you think you may face an underpayment fine, you can prevent that penalty by increasing withholding from your salary.

We can help you make a detailed assessment of your current tax situation and help you develop a strategy on reducing your taxes for 2016. Call us today at 608-233-9769.

Areas of Expertise

Non-filer & Delinquent filers

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Non-filer & Delinquent filers

At Consulting Services Tax & Accounting, we know that sometimes life can be complicated, and that can make doing your taxes even more difficult. Sometimes, things can just get away from you, and before you know it, one or more years have gone by. That's why we want to work with you, to make it easier to get caught up and current with your tax filing obligations.

Multistate filers

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Multi-State Filing

Sometimes in life you've got to move around. Your work life can take you to many different places, whether it's a short-term assignment, or a long-term move, this may mean that you will need to file a tax return for multiple states. Many smaller tax preparation firms lack either the expertise or the software to handle multi-state filings. With Consulting Services Tax & Accounting, you can count on us to get all of your tax problems under control, no matter what state filings may be involved.

Small Business

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Home-based Small Business Specialist

If you own a small business, you have enough on your mind just trying to handle your day-to-day affairs and help your business grow. Tax time often adds an even greater burden to the small business owner because the rules for deductibility, depreciation, and how to determine your taxable income can be confusing and time consuming. We want to make tax time easier for you, so you can get back to focusing of the running your business.

Corporate and LLC filing

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Corporate & LLC Guidance

Whether you've owned a small business for a while, or you want to start your new business with a plan for the future, the staff at Consulting Services Tax & Accounting is here to help. We can advise you on the best route to take whether it is the formation of an LLC, Partnership, S-Corp, or a C-Corp, and what the advantages and disadvantages are for each type of entity, so that you'll be prepared to make the best possible choice for your businesses future.

Why Choose Us?

Full service Full Service

As a full service tax preparation firm, not only do we offer professional tax preparation we also offer in house accounting and payroll services. Call us today and we will be happy to set up an appointment for a free 30 minute consultation before we begin working together.

Trust us Year Round Service

Consulting Services Tax & Accounting is available and has regular office hours Monday thru Friday year-round to assist you with any and all tax, accounting and payroll issues that may arise.

Piece of mind Peace of Mind

You can count on Consulting Services Tax & Accounting to provide you with high-quality services and expert advice that will put all of you tax time worries to rest.

Custom care We Are There for You

If you have a unique or difficult tax situation, we are always here to help you. We have seen many different tax scenarios in our 45+ years of service to the Madison area.

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