Are you one of those people who waits until the very last minute? Here are some end of the year tax tips just for you!

Don’t bury your head in the sand.

If you feel overwhelmed, the last thing you want to do is bury your head in the sand. At Havig Tax & Consulting, we’ve seen people do this to the point where they neglect filing tax returns for years. The key to not letting your taxes and books overwhelm you at the end of the year is, of course, to keep it updating during the year and not leaving it to the last minute. However, we understand that life happens. If this is you, just take it one step at a time. Make a list of what you need to do, and then give yourself enough time to complete the tasks on the list. Start the list with the task of organizing your receipts. Next, gather up all your documents you’ll need to file the tax return like purchase agreements, closing documents, etc. Finally, give yourself a few hours to get everything organized. Do these simple things and you won’t feel the need to bury your head in the sand when you feel overwhelmed.

Make contributions to your retirement and health savings accounts.

Be aware of the contribution limits to both your retirement and health savings accounts, and max them out! These contributions directly offset your income, so be sure to consult with your tax or retirement advisers about the amounts.

Donate to charity.

If you itemize on your tax return, you can deduct donations to qualified charities. The holidays are a time of giving, so use this time to give back and donate to causes that you care about.

Plan out large expenses.

Planning for the future is never a bad idea. If you have plans to make large purchases in the near future, you may want to consult with your tax adviser. Moving expenses to the next year, or accelerating them to the current year, may be beneficial to your taxes.

If you have any other ideas or would like to schedule your tax planning appointment, be sure to contact our office!