Chances are many of you are finished with your taxes, currently preparing them, or just trying to ignore them for a little bit longer. Wherever you are in the stages of your taxes, you are also not wanting to think about the 2018 tax season. However, the truth is you need to start thinking about it, especially with all of the changes. I wanted to share with you some things you can do now or throughout the year to prepare for the upcoming tax season.
Update your Withholdings
The IRS released a new W-4 form and with that they also released a new withholdings calculator. It would be a smart idea to run your numbers through the calculator. If you find that you need to update your W-4, ask your boss for a new W-4 form to fill out. Make it a point to do this as soon as possible, that way if you have major changes it won’t affect your taxes too much next year.
While yes, the standard deduction has risen, if you are close to being above that amount, it doesn’t hurt to plan ahead. Determine if your deductions would be above $12,000 for individuals and $24,000 for couples and consider making some charitable donations throughout the year.
The amount of medical expenses you can use for tax deductions has gone down from 10% of your adjusted gross income to 7.5%. Even though the number has been reduced, it is still a beneficial deduction. If you have been putting off a procedure, why wait? Schedule to have it done this year and take advantage of the deductions. You might be surprised what you can deduct when it comes to medical expenses. If you’re curious what deductions would qualify, give me a call and find out.
These are just a few things you can think about now to prepare for next year’s tax season. Should you have any questions, don’t hesitate to ask!
If you’re still looking for an accountant to handle your income taxes for the 2017 tax season, contact us today at (610) 775-9216 to schedule your appointment. But don’t delay, tax season is almost over!
A Mazzo Accounting provides a variety of tax and accounting services to individuals and businesses in the Wyomissing, Reading, West Reading, Sinking Spring and Kenhorst areas, as well as towns and villages around the Greater Reading area. Our services for small to mid-size businesses include taxes, payroll services, accounting services, and bookkeeping services. We also provide a variety of services for individuals and they include tax return preparation as well as some accounting assistance.