As the year draws to a close there are several considerations that can have a positive effect on your tax obligation. OAHU Taxpayers can take a few simple steps that will benefit their tax situations. The Tax Experts at Diamond Head Tax Group OAHU recommend these 10 Year End Tax Tips for Taxpayers in OAHU.
For further Tax Advice, contact us, Diamond Head Tax Group HAWAII offers OAHU Tax Planning Advisory Services and Tax Preparation Services for Individuals and Businesses in and around Kapahulu, St. Louis Heights, Pearl City, Aiea and 96815 Waikiki, OAHU.
96815 Waikiki Diamond Head Tax Group HAWAII Tax Planning Expert's Top 10 Tax Tips for the Year End for OAHU Taxpayers
96815 Waikiki Diamond Head Tax Group Tax Planning OAHU boast over twenty plus years of experience in Tax Advisory. We offer well-rounded tax advice and consider all your financial goals to help you succeed. Here are useful tips and suggestions for the end of the year that you can use to make the tax season go smoothly:
Make last minute charitable donations
Pay attention to your itemized deduction limit to ensure your deduction will count. Diamond Head Tax Group OAHU Tax Experts will help you understand tax strategies so you can decide how much to give, what asset to give and when to give in order to optimize your charitable contributions.
With the help of our expert tax advisors and their deep knowledge of the tax code, individuals and organizations can devise tax planning strategies that can allow them to give even more while also benefiting from tax incentives.
Review your investment portfolio for capital gain and loss planning.
To invest money to achieve most of your financial goals—especially retirement— let Diamond Head Tax Group OAHU Financial Planners advise you on investment options and asset allocation based on your risk tolerance and time horizon. We provide financial planning, investment management, and other financial services to help high net worth individuals and families build and preserve wealth.
Consider fully funding retirement accounts with your annual contributions.
Retirement accounts like traditional IRAs and 401(k)s allow you to save pre-tax money, invest the funds, and not pay taxes until the funds are withdrawn during retirement years. In other words, the IRS allows you to invest their potential tax receipts along with your money and will take its share of your investment earnings at a later date.
Review retirement accounts for required minimum distributions (RMD).
Most retirement accounts allow older taxpayers to invest even more money in these retirement savings accounts. Even better, the catch-up contribution amounts are now indexed to inflation so the amount will rise more quickly over time. The key retirement fund limits for 2024 are:
401(k), 403(b), 457: $23,000 ($30,500 if 50 or over)
Traditional/Roth IRAs: $7,000 ($8,000 if 50 or over)
SIMPLE IRA: $16,000 ($19,500 if 50 or over)
Examine medical and dependent care funding accounts
Ensure you do not lose contributions that do not roll over into the new year. Health Savings Accounts allow you to set aside money to pay for qualified health expenses in pre-tax dollars. To be eligible to set up this type of savings account, you must be enrolled in a qualified high deductible medical insurance plan. The good news is that unused funds can be invested and carried forward to future years. Use this money to augment your retirement plan.
Consider retirement plan rollover options into Roth IRAs.
Contributing to these plans puts money into your savings and the tax advantage of doing this is that all or most of the money you are putting in for the future will be excluded from your taxable income. This means if you make $80,000 and contribute $5,000 of it to a Tax Deferred Retirement Plan, you will be just taxed $75,000 of the income. This is very beneficial and will increase your tax refund by a lot.
Estimate your tax liability and make any final estimated tax payments.
Let Diamond Head Tax Group OAHU help minimize your tax liability, capitalize on tax deductions and manage your overall tax situation by using our professional knowledge and experience to find solutions. This can help you reduce expenses than if you did your own taxes unassisted.
Create a list of expected 1099 and other tax forms you will be receiving.
Remember to note that you may be receiving 1099-NEC forms that are new this year. Business Tax Forms can get more complicated than individual or personal tax forms. The experts at Diamond Head Tax Group OAHU come in to help individuals as well as small and midsize enterprises (SMEs) with C-Corporation Tax Filing and Preparation. Consultant Alan Chu and Diamond Head Tax Group team also offer Honolulu OAHU Financial Planning services for business owners and individuals.
Review your W-2 withholdings and file any changes
Be sure to do this with your Organization and or with your Employer for the upcoming year. A W-2 tax form shows important information about the income you’ve earned from the employer, amount of taxes withheld from the paycheck, benefits provided and other information for the year. This form is used to file federal and state taxes.
Begin organizing your tax records
Organized tax records especially when done ahead of time will help the tax filing process go smoothly and prevent mistakes or inaccuracies that could earn the unwanted attention of the IRS. Creating and maintaining an organized process of recording your finances and taxes should be among the best practices for OAHU individuals and businesses. Have trouble getting organized? Let Diamond Head Tax Group OAHU Tax Experts handle the number crunching process.
Should you have any questions on these ideas, contact us, Diamond Head Tax Group HAWAII prior to taking action. In many cases, the requirements and documentation needed are important to ensure you receive the full tax savings benefit.
96815 Diamond Head / Kapahulu / St. Louis Heights, Oahu
Diamond Head is an exclusive neighborhood nestled next to the iconic site engulfed in and surrounded by natural beauty. It is not only an incredibly historic crater and landmark, it is also a highly sought after neighborhood boasting exquisite, opulent homes atop lush green land. Get your taxes organized before the year ends with Diamond Head Tax Group Expert Tax Advisory services for 96815 Diamond Head, Oahu community.
Located at the eastern edge of Waikiki and kissing the shores of the Pacific Ocean, the exclusive and desirable “Gold Coast” community is a delightful departure from the city and offers natural beauty and stunning views from every vantage point. It’s close to the beach, Kapiolani Park, and downtown Honolulu, yet off the beaten path away from visitors and busy crowds.
96782 Pearl City, Oahu
Sitting along the north shore of Pearl Harbor, Pearl City is a thriving suburban community and is the third largest city of the island of Oahu. Its name is due to the abundance of pearls that were once found in the waters of Pearl Harbor. This vibrant community is known for its excellent location, diverse population, and array of shopping and dining options.
Residents and visitors can enjoy Pearl City's blend of urban convenience and suburban charm, with a multitude of shopping centers, parks, and recreational facilities, making it an ideal place for families and individuals seeking a balance between city life and a relaxed atmosphere. For Year End Tax Advisory Diamond Head Tax Group OAHU Tax Experts serve tax payers in 96782 Pearl City, Oahu.
96701 Aiea, Oahu
The Aiea area is nestled between Pearl Harbor and the breathtaking Ko’olau Mountain Range. Bustling with activities and offer prime city living with a diverse mixture of Hawai’ian culture. The Aiea area has a long, rich history of pearl trading, cattle raising, sugar production and now, industry and tourism.
Set on lush land in the central region of Oahu, this area is situated on a series of ahupua’a, or ridges and valleys stretching from the mountains to the sea that offer picturesque hiking trails for nature enthusiasts. Prepare ahead for tax season by turning to 96701 Aiea Diamond Head Tax Group OAHU Tax Experts for Year End Expert Tax Advisory services.
96815 Waikiki, Oahu
Waikiki is a Honolulu neighborhood in the island of OAHU near the iconic Diamond Head volcanic tuff cone known for its historic hiking trail, stunning coastal views and scenic heights. Its destinations include Kapiʻolani Park, Fort DeRussy, Kahanamoku Lagoon, Kūhiō Beach Park, and Ala Wai Harbor. Waikiki was the first capital of the Kingdom of Hawaii in the late 1700s. The bustling economy of Waikiki generates almost half of Hawaii's visitor revenue. For 96815 Waikiki Taxpayers, Expert Tax Advisory services are available at Diamond Head Tax Group OAHU.
Waikiki means spouting fresh water for the springs and streams there. In modern times the Waikiki skyline is dominated by high-rises and resort hotels with half of the beach marked off for surfers. The beach hosts many events, including surf competitions, outdoor performances, hula dancing, and outrigger canoe races.
Why Choose DIAMOND HEAD TAX GROUP CPA Services HONOLULU?
As Honolulu continues to expand, we continue to be the trusted local Oahu CPA firm. We are Located in the heart of Honolulu, and are focused on delivering professional and quality CPA Services to the small businesses and residents in Honolulu, Oahu.
We are proud to offer our tax and accounting firm services that help with the financial and business needs of our clients. Whether those needs are personal or business, we are here to provide you the financial guidance you seek.
When you partner with Diamond Head Tax Group, you’ll receive rates that are competitive and reasonable, flexibility that works around your schedule, and excellent client services.
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