Tax planning is a year-round game and there’s no time to start like the present.
Local Liberty Tax representative Jim Duffield spoke with us about year round tax preparation.
Duffield: “Anytime they have en event during the year that they know could potentially be a taxable event if they cash out some stock or if they have some sort of a windfall where they get a sizeable piece of income or if they have a catastrophic loss, say a house fire or something like that or a death in the family. They should keep a file somewhere in their important documents and drop those papers that relate to those events into that.”
Other year round tax tips includes tracking your cash donations and itemizing your deductibles.
For more tax tips click here.