Will you do better with the standard deduction or if you itemize your deductions? By doing a little assessment before the end of the year you may find deductions you want to take advantage of to reduce your tax liability.
Talk with a CPA or tax preparer to see if itemizing your deductions can save you money. Charitable deductions, the topic of the last blog, have to be taken by the end of the year as well as medical expenses, your HSA expenses and some other items. It is important to know where you stand before the year-end cut-off if you are close in some of the categories.
Some of the itemized deductions that could help you include:
- Charitable donations.
- Medical expenses (in excess of 10% of your adjusted gross income)
- Mortgage interest.
- Property tax
- Educational expenses
There are many more and that’s why you want to work with a CPA to reap the benefit. Les Merritt, CPA, keeps up with the latest changes in deductions and is dedicated to finding all the legitimate means to keep your tax bill low. He has worked with businesses and families for 35 years. He understands the importance of reducing tax liability and you can rely on his experience to help you make the best decisions. Call Les today at (919) 269-8553 and figure out the best options for before the end of the year. Use those deductions before it’s too late.