It 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!
You’ve probably heard it time and time again, but saving money could be one of the most important things you can do in your life. There are a variety of great reasons as to why saving money is a great long term decision. You may or may not have enough money to pay for everything you need now, but taking the initiative to save money is never a bad idea. Here are a few great reasons to start saving now!
- Emergency: It’s a great idea to set a fund aside to cover unexpected expenses that may arise. Surprise expenses like car repairs, sudden job loss, and medical emergencies are things that can happen, and having an emergency surplus of cash handy is a smart way to ensure you’ll be able to handle the hardships.
- Retirement: The sooner you begin saving money for retirement, the less you will have to save in the future. Starting a retirement fund early is a great way to build financial stability in your older years. It’s a wise decision to contribute up to what your employer matches, and then gradually contribute more of your gross income.
- Buying a House: Saving money to make a down payment on a house could be one of the biggest decisions you will ever make. If you’re able to save enough to pay the down payment up front, you can cut out the stress of loans and avoid high interest rates.
- Education: Whether hoping to obtain a master’s or doctorate degree, or send your children to college, saving now is a great way to guarantee you don’t lose your shirt with student loans and high tuition prices.
There are many different reasons to save money! If you’re unsure on how to handle your finances, consider seeking out a CPA! If you’re looking for a CPA in Hawaii, don’t hesitate to contact Michael J. Yuda today!
Chances are that you have heard it time and time again, but it will always be important to save money! Saving money is much easier said than done, but having an abundance of saved money can ensure financial stability in the future. If you’re constantly burdened by the thought of not having any savings and don’t know where to even start saving, consider seeking the help of CPA to help keep your finances in order. Below are a few tips that can help jumpstart your savings:
- Get rid of any existing debt! The sooner you pay off any debt, the less interest you’ll accrue and the sooner you will be able to spend money. Once all debts are paid off, you can begin putting more money into your savings. If you want to save while paying your debt, consider consolidating debts to pay less interest.
- Start an emergency fund. Setting aside enough money to survive on for 3-6 months is an excellent idea in the event you lose your job, or are faced with a financial catastrophe.
- Set attainable goals and strive to meet them. Whether buying a house, or starting a retirement fund, it’s crucial to map out goals that you must meet in order to fulfill your financial wants. It’s also helpful to establish time frames within the goals.
- Record all of your expenses. Keep track of all expenses in your daily life with the help of a CPA or yourself. This is a great way to know which adjustments to make on your spending habits.
- Make a budget. After balancing your earnings and setting savings goals, it’s important to budget your money in order to successfully save.
There are many tips and tricks that can help you save money, but a CPA can help guide you and keep your finances in order. If you’re afraid you can’t afford a CPA, it’s still important to keep track of your spending to help secure financial stability.