Maximize Year-End Savings & Get Ready For Tax Season
As we wrap up 2024, it’s the perfect time to focus on maximizing your tax savings while preparing for a smooth transition into 2025. This month’s newsletter is packed with actionable tips to make the most of your holiday giving, organize your finances, and set yourself up for a stress-free tax filing season.
1. Maximize Tax Savings Through Holiday Giving
The season of giving can also be the season of saving! Here’s how your generosity can benefit your finances:
Charitable Contributions: Donations made to qualified charities by December 31 are tax-deductible. Keep detailed receipts to claim your deductions.
Donating Appreciated Assets: Consider donating stocks, mutual funds, or other appreciated assets. This allows you to avoid capital gains taxes while supporting a good cause.
Volunteer Expenses: If you’ve volunteered this holiday season, track related expenses like mileage or supplies—you might be able to deduct them!
2. Organizing Year-End Finances
The end of the year is the best time to ensure your financial records are in order. Here are key steps to get organized:
Review Your Income and Expenses: Compare your 2024 income and expenses to identify any missed deductions or credits.
Check Your Withholdings: Make adjustments to your W-4 for 2025 if you received a large refund or owed taxes this year.
Retirement Contributions: Max out your 401(k) or IRA contributions to reduce taxable income. Contributions for 2024 can still be made until April 15, 2025.
Use Up Flexible Spending Accounts (FSAs): Any unused FSA funds may be forfeited at the end of the year. Spend on eligible expenses to avoid losing this money.
3. Gearing Up for 2025 Tax Season
Start the new year with confidence by preparing for tax season now:
Organize Your Documents: Begin gathering W-2s, 1099s, receipts, and other tax-related paperwork.
Know Your Deadlines: Tax day is April 15, 2025. Early preparation can help avoid last-minute stress.
Use Sapphire Tax Notary’s Services: From full-service filing to DIY options, we’re here to meet your needs. Ready to get started? Set your appointment here or upload your documents to our secure client portal here.
Exclusive Holiday Offer for Sapphire Clients
To celebrate the season, we’re offering $50 off tax preparation fees for all returning clients! Plus, new and returning clients can earn a 10% referral bonus for every client they refer, up to 100% off their Sapphire Tax prep fees for 2025.
Stay Connected with Sapphire Tax Notary
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P.S. Look out for our January 2025 issue, where we’ll help you jumpstart the new year with essential tips for “New Year Financial Planning & Tax Prep Readiness.” You won’t want to miss it!
