Best Accountants in Winter Garden, FL

Here are some tax tips to get you going into the new year with a brighter tax future on your horizon. ✅ Review beneficiaries. While it might not impact your tax situation, it could impact others if not structured correctly. ✅ Fully fund FSA or MSA. Flexible Savings Accounts and Medical Savings Accounts are a great way to pay for qualified, medical, dental and vision care. But it only works if you fund your account. ✅ Plan-fully fund retirement accounts. Plan now to take advantage of the many retirement planning options. Whether it be a 401(k) or on of many versions of IR As, they are a great way to manage your tax obligation, while planning for your future. ✅ Consider any anticipated tax events. Life events are the biggest cause of tax surprises. So if you are planning to move, retire, get married or divorced, have kids or change jobs you should know of the tax impact BEFORE it happens. ✅ Review withholdings. Coupled with number 4, any changes could impact your tax obligation and should impact how much you have withheld during the year. ✅ Consider the child factor. This one is important because of the numerous tax benefits associated with children. It can mean funding a 529 program, or opening a Roth IRA if your older children have earned income. ✅ Consider your property. Selling a home, stocks, bonds or digital currency all have potential tax implications. So if any of these are on the horizon consider taking a planned approach.