Hyden, Miron & Foster, PLLC Law Blog

Monday, December 21, 2015

Tax Tips for the End of the Year

What can I do at year's end to positively affect my taxes?

This year is rapidly coming to a close and so the end of another tax year.  This is the best time to review your taxes to see if you qualify for  any  deductions and to make any contributions that will work toward your overall benefit.  Here are some tax tips that can help you get the most out of your taxes this year.

Standard v. Itemized Deductions

You should decide whether standard or itemized deductions are right for you.  If you know that your itemized deductions will add up to less next year, you might want to consider shifting some from this year to the next.

Miscellaneous Deductions

It is also necessary  to determine if your miscellaneous deductions add up to an amount close to 2% of your adjusted gross income.  If they do, you might want to obtain what you need to to meet the threshold. 

Flexible Spending Accounts

Many of us have a flexible spending account through our healthcare.  You want to use up all the money you are allotted otherwise you will lose it.  So, determine how much you have and go to doctors, get medications and get things like glasses and hearing aids.

Medical Deductions

If you are under 65 and your qualifying medical expenses are more than 10% of your adjusted gross income they may serve as a deduction.

Retirement Accounts

Determine how much you are allowed to contribute to your retirement account (IRA, 401(k) or 403(b)) for the year and see if you can meet this threshold.  You might be able to contribute up until mid-April but it is worth confirming so you don’t miss your opportunity.

Charitable Deductions and Gifts

If you are in the spirit of giving, now is a great time to donate to your favorite charity or charities.  Just be sure to get documentation of your donation so they can be used to support the amount you are deducting.  If you want to give away some money tax free, you can give up to $14,000 ($28,000 if you are married) to any one person during this or any other tax year.

If you are interested in personal tax planning, an  experienced Arkansas attorney can assist you.  


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