While everyone has been focusing on the new tax plan that was passed at the end of last year, we can’t forget that for 2017 taxes must still be filed as they have been before. There are a couple things that you have to keep in mind before filing your taxes this year. Whether you’re filing your taxes as an individual or filing for your new or established business, you want to make sure that you’re getting the most from your deductions.
One of the first things to do is to make sure that you’re filing under the correct income tax bracket. This requires that you know what your total income has been throughout the year. This is good to check constantly because your income bracket might have changed since last year.
It’s also always good to decide what counts as deductions. Sometimes it might be more beneficial to not itemize certain things, better to do standard deductions. Some of the things worth itemizing might be medical expenses, donations to charity and any mortgage interest you might have paid.
If you’re running a business, it’s important that you keep track of your business expenses. The IRS encourages business returns; they provide plenty of credits and deductions, so you get the most of your returns. It’s always good to keep track as best you can, keeping receipts is essential, in order to provide evidence to the IRS. It is also important to remember that for all charity donations, if you donated money, goods or assets, to make sure you met or exceeded what qualifies as a donation as decided by the IRS. If you donated goods, make sure you have a receipt to present to your tax preparer and ultimately to the IRS when filing returns.
Your final day to file personal taxes is April 15th, however business taxes could be due on a quarterly basis, each due on the 15th of the month ending the quarter. 3Alpha’s goal is to help you pay the minimum amount of taxes legally required. We can keep track of your finances, and manage your business expenses and budget so that you can make the most of your deductions when you file.
3Alpha works tirelessly to bring you an effective accounting system that you can rely upon to properly file your taxes. We are very responsive and know that your interest is in minimizing your tax liabilities. Our expertise, experience and research allow us to maximize financial opportunities to be found in existing as well as recently updated tax laws.