Receipts piling up? Not sure if you’ve made your estimated tax payments? Although the year is almost over, West Orange accounting firm Couto DeFranco says you still have time to take steps that can lower your taxes. Now is a good time to prepare for the upcoming tax filing season!
As CPAs serving many residents of West Orange, South Orange, and Maplewood, Nelson Couto and Anthony DeFranco have been in business for 23 years, so they know their tax laws. Offering accounting services to both individual and business clients, consulting services, estate trust tax preparation and wealth management, Couto DeFranco services all difference business types ranging from auto body shops, to wholesale distributors, to telecommunication companies.
Says partner Nelson Couto, “Taking these steps can help you save time and tax dollars, and also help you save for retirement. Here are three year-end tips from the IRS for you to consider:
1. Start a filing system. If you don’t have a filing system for your tax records, you should start one. It can be as simple as saving receipts in a shoebox, or more complex like creating folders or spreadsheets. It’s always a good idea to save tax-related receipts and records. Keeping good records now will save time and help you file a complete and accurate tax return next year.
2. Make Charitable Contributions. If you plan to give to charity, consider donating before the year ends. That way you can claim your contribution as an itemized deduction. This includes donations you charge to a credit card by Dec. 31, even if you don’t pay the bill until 2015. A gift by check also counts as long as you mail it in December. Remember that you must give to a qualified charity to claim a tax deduction.
3. Contribute to Retirement Accounts. You need to contribute to your 401(k) or similar retirement plan by Dec. 31 to count for 2015. On the other hand, you have until April 15, 2016, to set up a new IRA or add money to an existing IRA and still have it count for 2015″.
Couto DeFranco PA, 300 Executive Drive, Suite 200, West Orange, NJ, Toll-free: 888-378-3399, Local: 973- 325-3370
