“By paying close attention to your finances and being smart about your purchases and well-deserved splurges this holiday season, you can avoid the holiday “hangover”
Here are some things to consider:
Keep track of your charitable contributions:
- Do you have money taken out of your paycheck for charity? Always be sure to keep a pay stub on file. These charitable contributions are deductible only if you itemize your deductions using Form 1040, Schedule A.
- For any contribution to a charity of $250 or more, you must have written acknowledgment from the organization to substantiate your donation. Make you’re your receipt includes the amount of cash, a description of any items you contributed, and whether the organization provided any goods or services in exchange for the gift.
Take advantage of tax benefits before the end of the year:
- Consider paying your home's property taxes by Dec. 31
- Thinking of buying a car? Buy before the end of year to take advantage of any tax breaks.
- There’s no need to buy expensive ribbons and bows to decorate your packages. If you hunt around, you can find the cheap stuff that will be just as pretty! Also, don’t be afraid to be creative with items that you may already have!
- If you're cooking multiple meals during the holidays, think ahead and think big - Stocking up on things like baking supplies and buying in bulk can really help keep your costs down…and if there’s a little more than usual, your family will thank you!
Because of his expertise and contributions to his profession, Barry Fowler will be featured as one of America's PremierExperts®
About Barry Fowler:
Barry Fowler is licensed to represent taxpayers before the Internal Revenue Service (IRS) and is a longstanding member of several tax industry professional organizations including the National Association of Enrolled Agents (NAEA), National Association of Tax Preparers (NATP), Texas Society of Enrolled Agents (TSEA), and the American Society of Tax Problem Solvers (ASTPS). With experience in the tax and finance industry spanning over twenty years, Fowler’s expertise includes tax resolution, personal financial planning, tax return preparation, financial statements, and general ledger bookkeeping. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler’s Taxation Solutions, Inc. reaches out to people throughout the entire United States. With a genuine concern for the IRS issues his clients face, he states, “We are here to help them (clients) fight the IRS. We are experts in this industry and our knowledge surpasses most tax firms. We will do what we say we will do. We do not give our clients empty promises and we stand behind the promises we make. We look at each case objectively and honestly convey to our clients their best options. We have been highly successful in exceeding our clients’ expectations.”