Don’t Overpay at Tax Time

There are two types of people in this world: people who dread Naperville tax preparation time and those who love it. The ones who dread it are those who often have to pay large sums of money to the government. The ones who love it are those who get back nicely sized refund checks at the end of the year. If you fall into the first group, there’s a chance that you might be paying more than you have to, or at least that you’re paying more than you have to all at once. While there’s no guarantee that you’ll be one of the lucky few who gets a refund, there are things you can do to reduce the amount owed when tax time rolls around.

One very simple strategy is simply to increase your W4 withholdings. Doing so is relatively easy and straightforward, but if you have questions, any Naperville tax preparation professional can explain the process to you. In most cases, increasing withholding amounts decreases what’s owed at tax time.

Doing a few good deeds can also reduce your taxes. Plus, it will make you feel great about yourself, so it’s a win-win situation all around! Whether you wish to donate money to a non-profit organization, such as your church or a charity you believe in, or want to give away unused goods to a deserving cause or organization, your kind actions will be rewarded with a nice little tax write-off at the end of the year.