People are always looking for ways to save money, especially when it comes to doing their taxes. However, if you wait until the last minute to put everything together, sit down, and actually do your taxes, chances are you’re not saving as much as you could. The tax professionals at QualiTax have the resources and experience to assist you with your tax planning and ultimately help you save money. If you are in the Arnold or Annapolis area, contact QualiTax to schedule an appointment today! If you are curious about tax planning and some easy ways to save more money on your taxes, keep reading below for some helpful tips!

Tax Planning

Tax planning is a great way to keep track of your finances in a way that will help you save money on your taxes. Instead of saving everything for the last minute in the spring, a qualified CPA can go over your previous taxes and financials and come up with a customized spending plan. Essentially, the way tax planning works is that a qualified CPA, such as the Annapolis CPAs at QualiTax, will look at your financials and help design a budget or spending plan that will best utilize the current tax laws and regulations in your favor. They will also use this information to evaluate how you file your taxes and certain considerations like: retirement plan, deductions, filing status, income and more.

Retirement Plans

When you contribute a portion of your paycheck to your retirement plan, you’re actually reducing the amount of your gross income. Not only will this save you money when you file your taxes, but you are saving for your future as well. It’s a win-win situation!

Take Advantage of Deductions

One of the best ways to save money on your taxes is to take advantage of your tax deductions. In a previous blog, we discussed tax deductions that people may not know about; therefore, they don’t know that they can take advantage of them. In terms of tax planning, a tax professional will be able to guide you in the right direction of your spending so that you can deduct as much of your spending as possible. If you own your own business, or do some type of freelancing, this is especially beneficial.

Filing Status

As discussed in our previous blog, when meeting with your tax advisor, ask them about what status you should be filing your taxes under. Many people lose money on their taxes because they are filing under the wrong status. Check with your tax advisor and see which status is the correct one for your situation. If you’re not sure if you are filing for your taxes under the right status, consult with the qualified tax experts at QualiTax. Our professional tax consultant and Annapolis CPAs are more than willing to sit down and talk about your filing status as well as your financial situation. Contact QualiTax today to set up a consultation, or visit our website to learn more about the small business accounting and tax services we offer.