Tax Help Grapevine TX

Tax Help In Grapevine, TX: 5 Tax Tips For 2016

It may be the middle of summer but that doesn’t mean you shouldn’t start thinking about your taxes and getting tax help in Grapevine, TX.  After all, being prepared for tax season means that you won’t have any unpleasant surprises when you actually fill out your 1040 in January or February.  In addition, advanced planning allows you to get organized, complete your taxes accurately and possibly lower the amount of money you may owe to the government.  Here are 5 tips to help you get ready:

1 – Gather And Organize Your Receipts And Other Paperwork

Now is the time to get organized and round up all your receipts and cancelled checks, including those you wrote to charity.  If you’ve invested, check your brokerage statement for year-to-date gains and losses and get medical receipts and insurance reimbursement forms together.  When you do this ahead of time, you’ll find that it’s much easier to write off business expenses, list charitable deductions and include expenses that you might overlook without organization.

2 – Think About Life Changes That Might Affect Your Taxes

Getting married, having or adopting a child or buying a house are some of the life changes that can affect your tax status and even your ability to claim certain tax credits and deductions.  If you think about how these life changes will affect your taxes, you won’t be surprised at tax time.

3 – Figure Out Which Tax Credits You May Be Eligible For

Tax deductions and tax credits are not the same thing.  Tax credits can directly reduce the amount of money you owe in taxes so it’s important that you figure out which tax credits you may be eligible to claim.  Some of the more common credits are:

  •    Earned Income Tax Credit (EITC) – If you are a low- or moderate-income worker, you may have your taxes reduced or receive a refund even if you are not required to file a tax return or you don’t owe anything in taxes because of your income level.
  • The American Opportunity Tax Credit – This credit allows you to claim up to $2,500 for the first $4,000 spent on qualified education expenses in the first four years of college.  
  • The Lifetime Learning Credit – This credit lets you claim up to $2,000 for the first $10,000 spent on qualified education expenses like books, tuition and room and board.  
  • The Child and Dependent Care Credit – This credit helps to defray the cost of daycare or babysitting.  

4 – Donate To Charity

If you’re planning on donating to charity, do it now to be able to deduct your donations from your taxes at the end of the year.  Make sure that you donate to qualifying charities – those that have 501(c)(3) status – and keep your receipts.  The total value of the non-cash items you donate to one or more charities must exceed $500.

5 – Increase Your Contribution To Your Retirement Plan

Consider temporarily increasing your contribution to your 401(k), IRA or other retirement plan before the end of the year.  By doing this, it can help to lower your taxable income.
Looking for tax tips and getting tax help in Grapevine, TX are good ways to ensure that you’re prepared for the next tax season.  When tax time rolls around again and you find yourself in need of professional help, call me, Alfredo Robledo, Certified Public Accountant, PC, at (817) 421-0720 or visit www.grapevinecpa.com to make an appointment for tax help in Grapevine, TX.     

Information & Resources

Starting a Business?

Tips, Information and Resources for Starting a Business

Thinking of starting a business?

Recently started a business?

Click here