It’s too late to save money on your tax bill when it’s close to April 15th and you’re filling out the forms for the IRS, according to Geoffrey Kulik, a Partner of Sterck Kulik O’Neill Accounting Group, Inc.
Right now, before the end of the calendar year, is when smart taxpayers review the new rules passed by Congress and the legislature and see how the changes affect their tax bill. These savvy planners sit down with their tax professionals to see if making an extra December mortgage payment, purchasing equipment for their business, or asking their boss to pay the bonus after December 31st will reduce their overall tax obligation. They know that they have to act now because once New Year’s Day hits, the IRS will be in charge.