With the end of each calendar year, it's very common for clients to become stressed with the coming holidays and preparations for the New Year. Some may not have time to think about fiscal matters beyond how their wallets have shrunk in the midst of the season. At Rosenhouse Group PC, we understand that our clients' taxes sometimes take a back seat during this period, as there are so many things to consider with the impending year. However, since this year may be more difficult than the ones passed, we encourage everyone to set aside a few minutes to think about how they can alleviate potential tax burdens as much as possible for 2012. For your concerns, we've composed a list of things to consider when preparing to see your CPA:
- For businesses, this is a great time to check records and verify that income and expenses have been recorded correctly throughout 2012. Remember to consider travel expenses and business mileage logs as well.
- This is a great time to look into supplies as well. If your business experienced a surplus this year, it might be the best time to think about purchasing needed equipment such as office chairs, new phones, etc.
- For individuals who itemize deductions, now is the time to check your charitable contributions and make any donations you plan to offer this year. Parents may want to go through old toys and clothing and contribute it to Goodwill or Salvation Army. Remember to record what you donate at fair market value. This will not only save you some money on your return but will help clear some storage for holiday gifts.
If you have any questions or concerns, remember, your CPA at Rosenhouse Group PC has the knowledge to keep you in compliance and get you the most out of your return.