Year-End Tax Tips for 2013

Here are three tips to help you get ready for the upcoming tax season.

First, if you don’t have a filing system for your important tax documents, you should start one. It can range from throwing receipts into a shoebox to indexing folders or creating spreadsheets.

Next, if you plan to make charitable contributions, be sure to make them before this year ends so you can deduct them on your 2013 tax return. Always save the receipts.

Finally, any 401(k) contributions you make must be deducted from your paycheck before the end of the year to be counted for 2o13. On the other hand, you can make IRA contributions up through April 15, 2014 and still have them count for your 2013 tax return.

For more information, go to IRS.gov.

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About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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