{"id":738,"date":"2016-11-22T13:54:43","date_gmt":"2016-11-22T13:54:43","guid":{"rendered":"http:\/\/onlyfordentists.com\/blog\/?p=738"},"modified":"2016-11-22T13:55:53","modified_gmt":"2016-11-22T13:55:53","slug":"there-are-a-variety-of-steps-you-can-take-to-benefit-your-next-tax-year","status":"publish","type":"post","link":"https:\/\/onlyfordentists.com\/blog\/2016\/11\/there-are-a-variety-of-steps-you-can-take-to-benefit-your-next-tax-year\/","title":{"rendered":"There are a Variety of Steps You Can Take to Benefit Your Next Tax Year"},"content":{"rendered":"<p><a href=\"http:\/\/onlyfordentists.com\/blog\/wp-content\/uploads\/2016\/10\/iStock_000002942341_Large-4.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-729\" src=\"http:\/\/onlyfordentists.com\/blog\/wp-content\/uploads\/2016\/10\/iStock_000002942341_Large-4-300x199.jpg\" alt=\"istock_000002942341_large-4\" width=\"300\" height=\"199\" srcset=\"https:\/\/onlyfordentists.com\/blog\/wp-content\/uploads\/2016\/10\/iStock_000002942341_Large-4-300x199.jpg 300w, https:\/\/onlyfordentists.com\/blog\/wp-content\/uploads\/2016\/10\/iStock_000002942341_Large-4-1024x681.jpg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>The tax year is pretty much a wrap. There\u2019s not too much individual taxpayers can do to change the outcome. But there are a variety of steps you can take this year that will affect how your\u00a0next year&#8217;s\u00a0tax year plays out.<\/p>\n<p><strong>Review Tax Payments<\/strong><\/p>\n<p>If you customarily get a healthy tax refund, you may want to rethink how much is being withheld from your pay. Your withholding amount is based on the Form W-4 you filed with your employer. If you file a new W-4 that results in lower withholding, your take-home pay will increase. But don\u2019t go overboard. You\u2019ll want to make sure you\u2019re having enough withheld to avoid underpayment penalties. Similarly, self-employed individuals and other taxpayers who make quarterly estimated tax payments should be careful to pay the appropriate amounts in a timely manner.<\/p>\n<p><strong>Make the Most of Tax-favored Accounts<\/strong><\/p>\n<p>Contribute as much as possible (up to the federal limit) to your 401(k), 403(b), 457, individual retirement account (IRA), or other retirement plan. Also, take full advantage of any other tax-favored accounts you\u2019re eligible for, such as a health savings account (HSA) or a flexible spending account (FSA). Managed properly, these accounts can provide considerable tax savings.<\/p>\n<p><strong>Nurture Your Future<\/strong><\/p>\n<p>If you plan to change jobs and take a distribution from your employer\u2019s tax-deferred retirement plan, be careful. It\u2019s usually best to have your plan trustee directly transfer the funds to the trustee of your new employer\u2019s qualified plan or to the institution that has your IRA. Although you could request a cash distribution and do the rollover yourself, required income-tax withholding can complicate the transaction. If you make a mistake and don\u2019t roll over the full amount of the taxable distribution within 60 days, you\u2019ll owe income taxes \u2014 and perhaps a 10% early withdrawal penalty as well.<\/p>\n<p>For more help with individual or business taxes, connect with us today. Our team can help you with all your tax issues, large and small.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tax year is pretty much a wrap. There\u2019s not too much individual taxpayers can do to change the outcome. But there are a variety of steps you can take this year that will affect how your\u00a0next year&#8217;s\u00a0tax year plays out. Review Tax Payments If you customarily get a healthy tax refund, you may want [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-738","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-taxes","8":"entry"},"_links":{"self":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/comments?post=738"}],"version-history":[{"count":2,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/738\/revisions"}],"predecessor-version":[{"id":740,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/738\/revisions\/740"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/media\/729"}],"wp:attachment":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/media?parent=738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/categories?post=738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/tags?post=738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}