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Last Minute Tax Deductions for 2017 (and Beyond)

We’re halfway through October, which means we’re just about to start the holiday rush. Soon, it will be Halloween and then Thanksgiving, and then Christmas, and before you know it, the year is over, and it’s time to pay taxes.

But there is still time to get some last minute deductions in before the ball drops on New Year’s. You just have to act quickly. Here are a few ideas.

Make Some Year-End Purchases

Have some business-related items you’re looking to buy in the near future? If you have the cash on hand, why not buy them now? Think of it as an early Christmas gift to your professional self. As long as the payment is made before the year’s end, you can add it as a deduction for your taxes.

Donations

Non-profits and other charitable organizations are always eager to take last minute donations so they can better budget for the following year. Why not help them out and give to a good cause? Not only will this provide a nice tax deduction, but it’s just a good act of humanity.

IRA

Money placed in your individual retirement account is generally tax deductible. You’ll not only get a tax deduction, but you’ll be better prepared for the future ahead. Make sure to check on maximum contribution you can make per year, and act accordingly.

Defer Income

Have some money coming your way last minute? Perhaps a year-end bonus? If you defer it till next year, you can save yourself some taxes this year. Naturally, you’ll still have to pay taxes for it eventually.

But if you specifically need/want to lower your taxes for this year, it is an option.

Energy Efficient Upgrades

In case you didn’t know, you can get tax credit by making your home or business more energy efficient. This can range from energy efficient appliances, doors, and windows to solar panels, and wind turbines, and more.

Help save the world while saving money on taxes and future utility bills.

Advance Tax Prep

Tax preparation costs can be deducted. By meeting with a tax professional before the end of the year, you can not only deduct the cost, but you can be better prepared for the start of tax season. It’s a win-win.

So why not start now?

For tax and accounting help in Springfield, Ohio, LWS is here. Contact us today, and start saving on your taxes.

Posted by admin | in Business Tax, General Finances