End of the Year Tips to Maximize your Tax Refund

iStock_000045491268_LargeIt seems that tax season ended just yesterday, but a new season is upon us. Like most Americans, we’re sure that you’re looking for ways to pay no more than what you owe, and even boost your tax refund. Below are a few tips at maximizing your taxes this upcoming season:

  • Travel for work? See the doctor often? Don’t shy away from tax deductions. Believe it or not, but a lot of things add up without you knowing it. Keep a log of tax deductible activities and see if it’s worth writing them off. The same holds true for charitable deductions, and even moving fees if you relocate to a new home.
  • You have until April 15 to open a traditional IRA for the previous tax year.  Typically, traditional IRA contributions reduce taxable income.
  • Consider scheduling health-related exams during the last quarter of the year to boost medical expense deduction potential.  It’s actually been proven that taxpayers who pay particular attention to the calendar improve their chances of receiving a larger refund than those who don’t. Paying property taxes or things like your mortgage before the end of the current year can actually yield a larger refund. Make the calendar your best friend!

Don’t forget that when you’re looking to truly maximize your tax refund to seek out the premier CPA in Hawaii! Visit Michael J. Yuda CPA, LLC today!

Why Choose a CPA as your Tax Consultant?

Why hire a CPA to do your taxes?

For many, the idea of doing taxes is equivalent to a nightmare.  Tax laws are tricky all on their own, but the manner in which they are always changing makes keeping up a daunting task.  When preparing to file your business or personal taxes, consulting a CPA can help ensure that your taxes are done correctly.  Simple errors and mistakes in your tax form can cost you penalties with the IRS, and nobody wants the IRS breathing down their backs!  Having your taxes prepared by a CPA can save you from making errors, and help ease the stress of having to figure out how to do them yourself.

In many instances, a CPA will save you money by assuring that you claim all deductions that you are entitled to.  We know the laws and what you are legally entitled to claim to avoid tax penalties.  With extensive training and testing, a CPA tax professional is familiar with state and federal laws, and will help you get your taxes done correctly and quickly.  Using a CPA tax consultant makes taxes seem not so scary anymore. Let a professional handle your tax return preparation, so you can go out and enjoy the sun!