ROCHESTER, N.Y. (WROC) — CPA Garrett Wagner said now is the right time to prepare for your next tax return.
Wagner, who appeared on News 8 at Sunrise Monday as part of our weekly interview with members of the New York State Society of CPAs, explained that taking time now to review your employee withholding (IRS Form W-4) with your tax advisor will help you maximize your tax return next April.
“Some people like to get a big refund, some people like to pay a little bit, and some people like to be zero,” said Wagner. “What do you want that end target to be? The earlier you make that adjustment, the more time you have to kind of get that number where you want it.”
Wagner also suggested bunching charitable donations to qualified organizations in the same year to help reach a higher threshold for the standard deduction. He noted that even if you take the standard deduction on your federal return, you may be able to take advantage of those donations by itemizing your New York State return.
For more “Smart Money” advice, visit the “Get Money Smart” section of the New York State Society of CPAs website.