If you ask me, a Long Island CPA has the potential to help in a number of ways, whether it is easily realized or not. The truth of the matter is that while tax planning - which is one such area - can prove stressful, it isn't an endeavor that has to be impossible. It all comes down to the level of information, not to mention assistance, which you can gain from such an authority. If it is simply a matter of learning as much as possible, this list of 3 steps can probably prove to be the best starting point.
Is it possible that there has been a matter of insurance or damage that has not been taken care of this year? This is where a client should be able to handle the matter before this year comes to a close. I am sure that just about any Long Island CPA will be able to tell you the same, especially when there are so many amounts to take into consideration. Authorities along the lines of Gettry Marcus can tell you that this step can help you maximize casualty loss deduction for this year, too.
Your health savings account is going to be important, as you will soon learn about once you become eligible. However, as you reach that point where you can make payments, how will you know how much is the appropriate amount to make in the long term? If you ask me, it is in your best interest - if applicable, of course - to make a full year's worth of deductible HAS contributions. This, more than anything else, will ensure that your level of stress will be kept at a low.
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.
Of course, there are other steps to take into consideration when you are getting into detail about tax planning. However, these are just a few that a Long Island CPA would be able to relay to you and rightfully so. It is important to keep them in mind in the long term, especially when so many people do not know how to go about it. However, if you can plan accordingly, there is no question that you will be aided that much more in the long term.
Is it possible that there has been a matter of insurance or damage that has not been taken care of this year? This is where a client should be able to handle the matter before this year comes to a close. I am sure that just about any Long Island CPA will be able to tell you the same, especially when there are so many amounts to take into consideration. Authorities along the lines of Gettry Marcus can tell you that this step can help you maximize casualty loss deduction for this year, too.
Your health savings account is going to be important, as you will soon learn about once you become eligible. However, as you reach that point where you can make payments, how will you know how much is the appropriate amount to make in the long term? If you ask me, it is in your best interest - if applicable, of course - to make a full year's worth of deductible HAS contributions. This, more than anything else, will ensure that your level of stress will be kept at a low.
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.
Of course, there are other steps to take into consideration when you are getting into detail about tax planning. However, these are just a few that a Long Island CPA would be able to relay to you and rightfully so. It is important to keep them in mind in the long term, especially when so many people do not know how to go about it. However, if you can plan accordingly, there is no question that you will be aided that much more in the long term.
About the Author:
Call Gettry Marcus if you are searching for some additional information about Long Island CPA services.. Unique version for reprint here: Taxes & The Efforts Of A Long Island CPA.
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