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Helpful Tips for Tax Time

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January 27, 2020
By
Core Group
Tax Advice

It’s almost THAT time again, but Core Group is looking out for you.

That period between January 1st and the filing of your previous year’s taxes is always a tough time. There’s a long list of things you need to do to be ready, but a lot of the big decisions that can affect your filing have already been made. In some cases, the clock has run out entirely, and it feels like all you can do is hope for the best.

But in truth, you’ve still got some options.

In fact, there are some things you can do to improve the bottom line when it’s time to file, and we’ve made up a quick list that you might find helpful. Sure, you should be keeping your receipts and tracking your mileage, but you already know that. We’ve got a few lesser-known options but that can go a long way towards making April 15th into just another average day on the calendar.

Work Credits

For small or even medium-sized business owners, you may be primarily focused on income and expenses, but there are a few more dimensions that can effectively change the trajectory of your year-end paperwork. The TaxCuts and Jobs Act (TCJA) provides for some new tax breaks and work credits that have been available since its passage in 2017, but there has been little guidance about their operation and not many people have taken advantage of them. These include credits for FMLA, research, new market entry and retirement plans. Did you know that there’s a 20% tax break for pass-through corporations on qualified business income? More importantly, does your accountant know about t?

Opportunity Zones

Do you know if you’re operating in an opportunity zone? If you are, then you might be eligible for special programs or tax breaks. This plan was part of the TCJA of 2017, and in general it’s a way to encourage investment in low-income, high-poverty areas. Depending on your location, you may be able to defer capital gains taxes and take advantage of other benefits intended to help spur economic activity in those parts of your state.

Don’t Ignore LastYear

Unless last year was especially good or horrifically bad, do you remember all the details from your last return? Within those returns you could have carryovers from previous years that could prove to be useful. Maybe you had large capital losses, significant charitable donations, or net operating losses. You should go through last year’s financials just to make sure, but this is especially important if you are using someone different to prepare your returns this year.

This list is quick and brief, and it’s a shame, because there’s so much more we could talk about. Tax preparation is an art unto itself, but if you’re in the market for a financial virtuoso, we can help you out. Core Group has been providing our clients with top-notch accounting and financial services for years, and we’d love to show you how we can help you manage the bottom while freeing you up to focus on the day-to-day tasks that only you can handle.

Give us a call and let one of our specialists show you how our team can help yours.

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