I have always believed that asset protection goes beyond just legal planning and must include among others, accounting planning expertise to implement a truly protective and holistic plan. We have been so pleased to have met Larissa N. Scarangella CPA. Ms. Scarangella has the same philosophy and mindset when helping people and found her insights valuable. Here is some important information she has graciously shared with us!
It’s the most wonderful time of the year……. tax season! You have been so distracted by all the food, music, shopping and festivities that you almost forgot to prepare tax planning. Now I am sure there are the 1% of you that know exactly what you owe and have set it aside and are prepared for a stress-free April, but for the other 99% of you that have waited until the LAST minute, again, although you promised yourself this year would be different, here are some tips that can help alleviate some tax pain
- Review all personal account and credit card statements for business expenses
Why do this you ask? You will be surprised how many times you accidentally used your personal accounts to pay for business expenses and end up losing out on deductions in the process. Scrub those statements!
- Implement a retirement plan-NOW
“I don’t have enough money”, “I don’t know how to do it”,” I will do it next year”, I have heard it all before. Stop making excuses. There are several retirement vehicles that are not risky and are easy to set up. Reach out to your accountant or financial advisor and start today. If you made some money last year who do you want to pay-yourself or Uncle Sam?
- Bills, bills, bills
Any bills that you know you can prepay, do so now. Try paying January’s rent, malpractice or auto insurance in December. Get an extra write off and start January feeling great! If you don’t own a business where you deduct those items, then try prepaying one month’s mortgage for an extra mortgage interest write off or your first quarter real estate taxes-you’re going to have to pay them anyway!
Also, any charges on a credit card that are legitimate business deductions can be deducted if charged in December, even if you don’t pay the bill until January-this is missed a lot and can add up to a good chunk of tax savings.
Still confused or have additional questions? Feel free to contact me at 732-503-5321 or lscarangellacpa@gmail.com
May your days be Merry and Bright, and may all your tax returns be right!
