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With tax season almost underway, it’s normal to feel a bit apprehensive about how you should prepare. The encouraging news is, there are a few tax planning strategies that can help make the filing process much simpler. Below, the professionals at Bergamo Tax & Financial Solutions in Watertown, CT, offer a few important considerations to keep in mind. 

3 Helpful Tax Planning Tips

Write Off Small Business Expensestax planning

Freelancers and small business owners are eligible to write off expenses for any equipment purchased in the year prior to filing taxes. These include laptops, printers, mobile phones, ink cartridges and office supplies. Just make sure you keep copies of all receipts to verify your purchases. 

Use All FSA Funds

If you opened a flexible spending account (FSA) through your employer, use the funds by Dec. 31 of this year. This is a good time to spend the remaining balance on must-haves such as non-prescription medicine, dental visits, contact lenses, glasses, and more. It's important to use FSA funds by the end of each year because they generally do not roll over to the following year.

Make Charitable Donations

The IRS allows tax filers to deduct the fair market value of items donated to charitable organizations. The caveats are that the donations must be made by Dec. 31, and the charity must meet IRS eligibility requirements. Contributions and cash over the amount of $250 require written confirmation from the charity of receipt.

These are just a few tax planning strategies that can help alleviate financial stress when it's time to file federal and state income returns. If you need help preparing your forms, turn to the team of professional accountants at Bergamo Tax & Financial Solutions. To schedule an appointment, give them a call today at (860) 274-1655. Visit their website for more information on their customized financial services.

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