Whether you are an individual or a business, taxes are a large part of your life. How you approach your taxes can determine how much you owe and whether you may have issues with the IRS and state tax authorities.
First, you should try to maximize your amount of deductions and pre-tax spending. For example, you can contribute to a health savings account from pre-tax dollars. In addition, all your retirement contributions are from pre-tax dollars. Maximizing these contributions can help minimize your tax burden and enhance your savings goals. In addition, your employer may match your retirement contributions.
Second, you should strive to get organized for filing your 2022 tax return as early as possible. If you wait until the last minute, you will be forced to rush. Haste will cause you to make mistakes, and you may receive a letter from the IRS wanting to audit you or assessing you back taxes and penalties. Make sure that you get all your paperwork together well in advance, so you can file your taxes ahead of the deadline with room to spare.
You should also consider getting professional help on your taxes and tax planning in 2023. An expert can help you find supportable deductions and come up with a tax strategy that works best for you. They can also work with you on your taxes, sparing you the burden and stress of being on your own for your tax return. Investing in tax planning expertise is money well spent on your own peace of mind.
Contact a San Francisco Tax Attorney Today
The attorneys at San Francisco Tax Counsel work with individuals and businesses to help you devise the most effective tax strategies. To speak with an attorney, you can call us today at 415.398.3990 or send us a message online.