The new year begins before you can start the tax planning can help to maximize benefits and minimize taxes Some tips can provide to make the best upcoming tax season.
1. From the retirement plan distributions can pay estimated tax withholding
The IRS can require to pay an estimated tax and avoid penalty for underpayment tax. The estimated tax payment may be required to make:
• After 2015, subtracting withholding and credits can expect at least $1000 in tax.
• The salary from the amount withheld and other taxable income is less than small of 90% tax will owe for the current tax year or 100% tax owed for the previous tax year will be increased by 110% of adjusted gross income in certain amounts.
2. Make charitable donations
The plan makes a charitable donation can keep in mind, in order to receive a taxable benefit can itemize your deductions. The standard deductions are not eligible for these benefits and apply for charitable donations.
• During the year, the pledged amount can be contributed and counted, you want to donate a cash immediately using a credit card to finance the donation. The credit purpose will be able to pay off within a short period.
• After August 17, the effective tax year to qualified cash contributions in charities must be supported be receipted.
• The charitable donations of household items or clothing are not deductible. The property is used in good condition or better.