There Still Time: Strategies For Your 2015 Tax Return
Yes, your options to defer income or accelerate deductions for your 2015 tax return are limited after 12/31/15, however there are still things you can do to have a happier April 18th!
Following are some last-minute tips to help you keep more money in your pocket this tax season:
- Make an IRA contribution. You have until April 18th to contribute to an IRA and deduct your contributions from your 2015 return. For eligibility and deductible details please visit: www.irs.gov/Retirement-Plans/Traditional-and-Roth-IRAs.
- Determine if you are eligible to take the home office deduction. If so, gather all required documentation right away.
- If you own a business you may be able to make a retirement plan contribution.
- Be sure to file and pay on time. Your taxes are due April 18th this year… even if you file for an extension.
Davis & Hodgdon Associates CPAs is a full-service public accounting firm with offices in Williston and Rutland Vermont. The firm is a member of Vermont Businesses for Social Responsibility (VBSR), Vermont Business Environmental Partnership (VBEP), Lake Champlain Regional Chamber of Commerce (LCRCC), Vermont Chamber of Commerce, and Women Business Owners Network (WBON). The firm serves its clients by providing progressive, proactive services through expert staff, sophisticated technology, and unparalleled efficiency.