{1:30 minutes to read} A new year is upon us, which means that tax time is on the horizon. So many people leave their planning to the last minute, then scramble to find deductions before the April 15th deadline.
At New York Financial Organizers, we organize our clients’ tax information every month of the year. All checking, saving, and credit card accounts are downloaded and categorized in Quickbooks or Quicken. These are reviewed with our clients enabling us to see how much money is coming in, how much is being spent and where it’s going. This makes budgeting an easy process.
In addition, it simplifies the task of getting taxes done. Many of our clients itemize their deductions and use Schedule A of Form 1040 in order to minimize their tax expense.Â
Here’s an overview of the type of expenses that can go on Form A:
- Medical and dental expenses
- Taxes paid
- Certain interest paid, including mortgage interest
- Charitable giving
- Casualty and theft losses
- Job expenses and certain miscellaneous deductions for independent contractors
There might be additional miscellaneous deductions that your accountant will ask you about.
When February rolls around, and we’ve received all required tax reporting items, we are able to easily review the prior year’s expenses as well as the itemized deductions with our clients. This saves a great deal of time and headache, since the data is at our fingertips.
As an added bonus, accountants love it because they’re not chasing after information. We are able to provide them what they need in a timely manner. Contact us to discover how we can help make 2018 the year your tax planning stress dissolves!