Preparing in the final month of the year can make a big difference in this tax savings season. Taxes might not be due until April, but the decisions you make right now will affect your tax refund. If you're looking to save, there are still a few things you can do in the final month of the year:
Make charitable donations
Contribute to retirement accounts
Deferincome
Sell investments
Click on the Tax Planning Tips below to review ways you can save before you celebrate the new year. Tax planning is not something to overlook. There is money on the line!
The IRS reminds taxpayers that the home office deduction is available to qualifying self-employed taxpayers, independent contractors and those in the gig economy. Those who receive a paycheck or a W-2 from an employer are NOT eligible for the deduction, even if they are currently working from home. The Tax Cuts and Jobs Act suspended the business use of home deduction from 2018 - 2025 for employees. To read more from the IRS News Release regarding home office deductions, click HERE.
Happy Holidays! Important Dates
Happy Holidays to our wonderful clients, friends, and colleagues! Wishing you a prosperous & healthy upcoming year. We value our relationship with you and look forward to working with you in 2022!
Friday, December 24th, 2021
Office Closed
Friday, December 31st, 2021
Office Closed
Tuesday, January 18th, 2022:
4th Quarter Estimated Payments Due (January 15th is a Saturday and January 17th is a federal holiday, so the deadline is pushed to January 18th).
Business Consulting Services
With the constantly changing marketplace, your business needs a financial consultant who can use their expertise and analytical skills to help you mitigate risk and make profitable decisions. Our team of financial professionals can provide the ongoing support you need as your business grows and evolves.
Although it may seem a bit early to think about retirement, people in their forties should already have a plan in place. But don't let that discourage you if you don't—there is still time to build wealth in your 40s.
Chandler & Knowles, CPAs are ready to aid you in understanding how to build wealth in your 40s. It can be confusing, and our expert financial advisors want to see you succeed.
The Texas Comptroller announced $285 million in unclaimed property has been returned during the past fiscal year. Items like abandoned bank accounts, overpayments, payroll checks, and unredeemed gift cards are examples of unclaimed property. Visit the Texas Comptroller's unclaimed property website to start a search, ClaimItTexas.org.
Taxpayers with Hobby Income
Those handmade items that you sold for a profit is a source of income! Don't forget this income must be reported on tax returns. Read more from the IRS on how you distinguish between a business and a hobby HERE.
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