Extract of our How To series: Here is the Latest Post on saving tips ….
Tax time will be here before you know it. Will you be ready? Don’t wait until it’s almost time to file your tax returns to learn about the latest tax saving tips. Hiring a Long Beach accountant to prepare your taxes is the best way to reduce your tax liability. Here are a few key tax saving tips that could keep more money in your pocket this year.
Top Tax Saving Tips:
Business expenses: If you run your own business, many of your expenses are tax deductible. This is one of the most overlooked tax saving tips, because many business owners aren’t sure which expenses they can deduct. That’s why it’s in your best interest to hire a Long Beach accountant to ensure you keep as much of your hard-earned money as possible.
401(k) tax saving tips: Another tax saving tip is to increase the percentage of your 401(k) contribution. This lowers your taxable salary because 401(k) contributions are tax-free.
Charitable contributions: Keep track of any donations you make to charities. Donations to qualifying charities like the Red Cross are tax deductible.
Foreclosure tax saving tips: It’s no secret that the economic downturn was also affected by foreclosures. Until recent legislation was passed, you had to pay taxes on the amount of the mortgage reduction or restructuring. Now you may not have to pay taxes on the amount forgiven. Ask your Long Beach accountant about the nuances of the tax relief for foreclosures.
Job search expenses: Millions of Americans have been job hunting since the economic downturn. If this includes you, don’t forget that you can deduct expenses if you searched for a new job this year. This includes deducting travel expenses, resume preparation, phone calls to prospective employers, career counseling, and much more. Ask your Long Beach accountant about additional tax saving tips related to a job search.
Traditional IRA contributions: Remember that you can deduct contributions from your taxable income to your traditional IRA until April 15th.
Accelerate deductible expenses: Do you have deductible expenses such as mortgage payments, medical bills, property taxes, and other expenses that are not due until next year? If so, they are deductible on this year’s tax return if you make the payment before December 31, 2010.
Defer income: If you’re close to a lower tax bracket, you can decrease this year’s taxable income by deferring payments and income until next year. There are several tax saving tips for deferring income, including 1) deferring taxation on income from savings bonds, 2) asking to receive your year-end bonus when the new year begins, and 3) if you’re self-employed, delaying billings until near the end of the year. Your Long Beach accountant can provide more information on these tax saving tips to defer income.
Tax Saving Tips – Avoiding IRS Audits:
Your Long Beach accountant can protect you from IRS audits by ensuring the accuracy of your tax returns. Many business owners find themselves in the middle of an IRS audit because they prepared their own taxes and made many costly errors. One of the most important tax saving tips is simply to let a professional prepare your returns. It’s relatively inexpensive—especially when compared to fees that may be due as a result of an audit.
Keep More of Your Money This Year!
In addition to avoiding an IRS audit, you can make this tax season less stressful and increase your deductions with the above tax saving tips. Your Long Beach accountant can assess all of the additional deductions you can take to lower your tax liability for 2010. Visit www.Personal-Accountant.com or call 562.432.6100 to learn more.
Beau Pace is the owner of Personal Accountant, a leading accounting and tax services firm in Long Beach, California. Personal Accountant’s professional staff possesses over 25 years in the financial sector, bringing a vast understanding of both the accounting and tax service industry. Visit www.personal-accountant.com or call 562.432.6100 for more information.
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Hey, check out my page for quick video on how to save £100′s if not £1,000′s per year!
check out my video to see saving tips & how you can get 1 to 25 % cash back when you shopping online, ( just click on my user name)
thank you very much! I’m 17 but It’s never too soon to save money I believe
yup, “manager’s special!” also, don’t go grocery shopping hungry!
there are a lot of tips i can use here
@jerrijenkins333
…in short “stop living”.
thanks good tips the coin thing is good ive done it before cos usually with leftover coins i would spend it on things i dont need like chocolate but saving it really helps
haha tip 5 is kinda funny not every one has a steady supply of ice cream tubs.
i recycle alumminum cans, plastic bottles, bi metals, every 3-4 weeks we collect like 130 bucks worth of recyclables…that means we drink to much soda…
i really like this =)
The only tip that makes sense is tip 3. The others were a joke. Make a list of everything in your drawers?? yeah, like we have time for that
@ichrisprice Well I worked in supermarkets for over 10 years, and shopped in them for even longer, and they do reduce a lot of those items in the evening.
You are right about the “first in first out” thing, but many items in the freshly baked bakery section are only sellable for one day, so are reduced at night to quickly sell them (to reduce the wastage loss)
Tip three is incorrect, I work in a supermarket at night times, and in regards to prices being discounted, only some items are discounted if the date is close to expiry,and no it is not only at night times things are reduced, bakery will still leave the same bread and reverse older to front -not reduce, and dairy need to keep their shelf full so they put new at back and old at front, but importantly once again prices are only discounted when use by date is close not to get rid of.
@jeprox1465 you’re a jerk off. how about shut the fuck up.
tip 3 only would apply for someone who is using the product on that day or the day after
Dude, this was actually really helpful for me. I’m a college student and I need to save all the money I can lol. You’re awesome.
These are good ideas dont listen to the other ignorant idiots.
Tip3 ? The problem with shopping at night is a lot of the good/fresh foods have gone. You are basically getting the left overs (if anything at all).
@azatyler Clearly those who save their money have more money than those who don’t. This should be obvious to anyone. A 1 gallon milk jug can hold $600.00 worth of change. Try it out or continue to believe you won’t have more money if you don’t save and see how much less you have. Duh!
In his defense much of peoples money goes directly towards food: groceries and eating out. Buying material things, well that’s easier to control unless you’re a shopaholic but you gotta eat so ways to cut down on your food expenses makes a huge difference!
nice vid!
i buy loads of bread etc reduced cheapest ive had on a loaf is 10p im a big fan of reduced stuff.
Save money by using tinyurl dot com/2dmp8zs
Some more saving money tips:
1-When making tea use the tea pot to make 3 cups of tea out of 1 tea bag. Then take out the tea bag, iron it and reuse it again when a friend comes to visit.
2-Never consume sugar at home…only when in friends houses.
3-Don’t smoke: you’ll find that not only it’s cheaper but healthier
Some more saving money tips:
1-When making tea use the tea pot to make 3 cups of tea out of 1 tea bag. Then take out the tea bag, iron it and reuse it again when a friend comes to visit.
2-Never consume sugar at home…only when in friends houses.
3-Don’t smoke: you’ll find that not only it’s cheaper but healthier