Trak Patel’s Top 10 Tax Preparation Tips

Trak Patel’s Top 10 Tax Preparation Tips

Top 10 Tax Preparation Tips

  1. Keep good records of miles driven for business
  2. Keep all your receipts for key expenses
  3. Take advantage of IRA contributions and build a nest egg
  4. Take advantage of college savings plans (e.g. 529)
  5. Watch those home office deductions carefully
  6. Make sure you have medical insurance or pay tax penalty
  7. Make estimated tax payments to minimize penalties and interest charges
  8. Did you buy a computer, office furniture or have meals?  Might be deductible
  9. If you are a contractor, think about incorporating to save on taxes?
  10. Begin planning for 2015 now to maximize cash flow

If you have any questions on the above or anything else, feel free to reach out to us and we can gladly address the questions.

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