End of 2019 Tips to Boost your 2020 Refund
The year 2019 is coming to an end! In the middle of the holiday hustle and bustle, surely you have started to think about your taxes. If not... now is the time to start thinking about last minute things you can do to boost your income tax return. Quinerly Financial Group is here to provide our top 5 tips.
TIP 1: Contact Quinerly Financial Group
Get ahead of the game and get started early. Contact QFG today to set up your plan for your 2019 taxes. Quinerly Financial is dedicated to providing our customers with the best and most comprehensive service.
TIP 2: Reduce Your Taxable Income
'Tis the season for giving. Gift yourself a nice contribution to your 401K, IRA or retirement savings account. Contact Quinerly Financial Group to help you determine a good amount for your last minute contribution.
TIP 3: Invest in Yourself and Take a Class
Enroll in a class for the spring 2020 semester. If you pay for the class in 2019 you can get a tax credit (Lifetime Learning Credit). Take a class to help with career development or to help you with your small/personal business. BONUS: If you have a review coming up at your job in 2020 a professional development class can give you room to negotiate a better salary!
TIP 4: Donate to Charity
Need to make room in your home for some of your new gifts or holiday purchases? A great way to free up space and also benefit on your taxes is to donate some of your used items to charity. You can help those in-need and get a tax deduction.
TIP 5: Defer Bonuses Until January
If you are receiving a Holiday Bonus from your job it may push you into a higher tax bracket. See if you can get defer your bonus until January. If you want to stay in your current tax bracket...see if you can split your holiday bonus over two payments. Receive part of it in December 2019 and the other part in January 2020. You will still get your bonus around the same time but this can help you avoid being pushed into the higher tax bracket.