“Tis the Season!” We wish you a Happy Holiday Season wherever you reside, whether it be in Adel, Altoona, Ankeny, Bondurant, Carlisle, Clive, Colfax, Dallas Center, Des Moines, Earlham, Granger, Grimes, Indianola, Johnston, Mitchelville, Norwalk, Polk City, Prairie City, Runnells, Van Meter, Waukee or West Des Moines, we hope you have a joyous time with friends, family and associates.
Of course, though, following the Holiday Season there is a another, more ominous season. That season is “The Tax Season”. It is not my intent to bring you “doom and gloom”, rather I am inviting you to think about what you can do now in anticipation of the tax season.
From experience, the most difficult task of tax season is recording and organizing your deductible expenses. If you itemize deductions, I suggest you look at Schedule A of your previous year’s income tax return. It will provide you with guidance and assist you in organizing your itemized deductions. Review and update your recordkeeping.
If you have a long term capital loss from the previous year, you might consider reviewing your investment portfolio with your financial adviser to determine if there are any current capital gains you wish to capture to be offset with your long term capital loss carryover.
Taking the time to review your income and itemized deductions before the end of the year, will allow you to take steps before December 31 to reduce your projected income tax liability.
If you need more information or help with Tax season this year, please feel free to reach out to us at Beatty & Miller, P.C. Our attorneys are well versed in TAX law and can help you navigate the raging waters of the season.