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Here are six tips you’re able to use ahead of the new yearto prepare for filing taxes.
Take Advantage of Tax-Loss Harvesting
Tax-loss harvesting is a smart move for investors looking to offset gains.
Violating this rule could negate your tax benefit.
Organize Your Tax Documents Now
Waiting until tax season to collect paperwork can cause unnecessary stress.
Gather all necessary tax documents W-2s, 1099 forms, deductible receipts and invoices now, Bettman said.
Pay yourself first by estimating your tax liability and setting aside cash in a jar, Milo said.
Consider usingsome leftover holiday fundsto start a tax jar ahead of the new year.
Hobby-related costs can sometimes be used to lower your tax rate, Milo explained.
Keepreceipts and recordsfor supplies, tools and fees that could count as business expenses.
These small deductions can add up.
View the new year as a good opportunity to get this in order.
By understanding your finances better, you could approach tax preparation with less fear and more confidence.
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