If you do not know, a Long Island CPA can help in numerous facets of life. For example, what if you are approaching the end of the year and you have to start tax planning but have little to no idea as to where to start? If you think that you are alone in trying to figure out certain amounts, you can rest easy knowing that there are many steps that can help you along the way. While there are many hints that can help you along the path to better financing, here is a list of 3 that, in my opinion, will certainly aid you.
What if there was an instance of damage or a matter of insurance that has not been taken care of at this point? Before the year is out, it is in the best interest of a client handle the matter as soon as possible. This probably goes without saying but you have to realize the various amounts that are tied to the idea of a Long Island CPA. Authorities such as Gettry Marcus can tell you that if you are able to go about this step, you stand a good chance of maximizing the casualty loss deduction for this year.
What about the situation in which you become eligible to make payments for your health savings account? This si where you want to start saving as early as possible but you may wonder, "how much should I pay to make the most out of tax planning?" When it comes time to pay, you may be interested in making a full year's worth of deductible HSA contributions. I think that this will be able to bring down the stress that can come from this particular endeavor.
If you can, postpone your income until 2014 and accelerate deductions into 2013 in order to lower the tax bill for that given year. The way that this can come into play is to allow an individual to claim larger deductions and credits - to name a couple of examples - that would be tied into this year. These can go for a number of different tax credits and assets, whether they are associated with child tax, higher education, or what have you. If you can postpone your income, you may also fall into a lower tax bracket as well, so keep this step in mind.
These steps are just a few that will be able to help you when it comes time to plan out your taxes in the long term. Just about any Long Island CPA can agree with them as well, so make sure that you consider them when it comes time to go about planning. Many individuals may not believe that they have the means but I'd like to think that they can come about. Before long, you will start to see how these steps come into play in the future.
What if there was an instance of damage or a matter of insurance that has not been taken care of at this point? Before the year is out, it is in the best interest of a client handle the matter as soon as possible. This probably goes without saying but you have to realize the various amounts that are tied to the idea of a Long Island CPA. Authorities such as Gettry Marcus can tell you that if you are able to go about this step, you stand a good chance of maximizing the casualty loss deduction for this year.
What about the situation in which you become eligible to make payments for your health savings account? This si where you want to start saving as early as possible but you may wonder, "how much should I pay to make the most out of tax planning?" When it comes time to pay, you may be interested in making a full year's worth of deductible HSA contributions. I think that this will be able to bring down the stress that can come from this particular endeavor.
If you can, postpone your income until 2014 and accelerate deductions into 2013 in order to lower the tax bill for that given year. The way that this can come into play is to allow an individual to claim larger deductions and credits - to name a couple of examples - that would be tied into this year. These can go for a number of different tax credits and assets, whether they are associated with child tax, higher education, or what have you. If you can postpone your income, you may also fall into a lower tax bracket as well, so keep this step in mind.
These steps are just a few that will be able to help you when it comes time to plan out your taxes in the long term. Just about any Long Island CPA can agree with them as well, so make sure that you consider them when it comes time to go about planning. Many individuals may not believe that they have the means but I'd like to think that they can come about. Before long, you will start to see how these steps come into play in the future.
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Call Gettry Marcus if you are looking for some additional information about Long Island CPA services.
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