Trustway Accounting (205-451-1945) has released a new guide to maximizing tax refunds and minimizing IRS liabilities for professionals and businesses.
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Trustway Accounting's newly published guide, "Last Minute Tax Tips: Boost Your Refund & Cut Your Bill," explores the fundamentals of tax planning and offers readers strategies to better organize their finances and reduce their contributions. Trustway Accounting brings years of experience in helping clients plan their taxes, improve cash flow, and claim IRS rebates.
More details can be found at https://trustwayaccounting.com/post/last-minute-tax-tips-boost-refund-cut-bill
The guide discusses how individuals can leverage tax credits, choose tax-friendly investment vehicles, and structure their incomes and expenses to make significant reductions to their tax bills. Businesses also benefit from careful tax planning, freeing up more capital for reinvestment. Trustway Accounting stated that its goal is to help readers achieve these objectives in compliance with all state and federal tax laws, ensuring they avoid penalty fees and fines for mismanagement.
“Tax planning is not something to think about only at the end of the year. It's a year-round activity," the guide states. "Planning ahead allows you to structure your finances in ways that minimize taxes over time, rather than scrambling to make last-minute decisions.”
The piece also breaks down the importance of deductions in reducing IRS bills. For example, it explains that standard deductions apply to most taxpayers, but the amounts vary according to filing status, such as married filing jointly or single. Meanwhile, itemized deductions can be claimed for specific expenses, such as charitable contributions, mortgage interest, state taxes, and medical expenses. In both cases, the deductions lower the final taxable amount, reducing payments in the process.
Tax credits, according to the guide, offer another way to reduce IRS liabilities. While deductions reduce the proportion of income that is subject to tax, tax credits are applied to tax bills on a dollar-for-dollar basis and subtracted from the amount owed. The piece highlights how credits are more valuable than deductions because they are not dependent on income levels.
The article also explores tax deferral strategies. For example, taxpayers can defer income to the following tax year, which in turn defers tax payments on these amounts. “This is especially useful if you expect your tax rate to be lower in the next year or if you want to delay paying taxes on income until you need it,” the article states.
Furthermore, readers are given an overview of income shifting, tax-deferred investments, offsetting capital gains, audit protection, and business structures as ways to manage and reduce taxes owed.
For more information, and to read the guide in full, go to https://trustwayaccounting.com/post/last-minute-tax-tips-boost-refund-cut-bill
Contact Info:
Name: Anastaxia Wang
Email: Send Email
Organization: Trustway Accounting
Address: 1236 Blue Ridge Blvd, Hoover, Alabama 35226, United States
Phone: +1-205-451-1945
Website: https://trustwayaccounting.com
Source: PressCable
Release ID: 89148135
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