Taxes aren’t exactly top-of-mind during the holiday season, but with a little strategy in December, next year could be a lot greener.
Ed Liccardi, founder and owner of Central Jersey Tax Services, is the type of person who is welcoming, reassuring and professional. With a corporate accounting background working for some of the largest corporations in America, Ed has had a thriving tax business since 2000. With over 1,300 current individual and company clients, Ed is always striving to put more money into people’s pockets.
“What I love about my job is the surprise and delight that people express when they can get a big check back that they weren’t expecting. I encourage my clients to share their successes, goals and what transpired since I’ve seen them last. Besides the pleasure from simply catching up, sometimes they mention something that could help them tax-wise,” explains Ed Liccardi, who also owns the Farmers Insurance — Edward Licciardi Agency, located next door to his Howell Plaza Shopping Center tax offices.
Ed’s Tax Tips for December:
- Prepay next year’s bills – rather than wait until April, prepay your property taxes and the estimated state tax payment due in January.
- Donate to a charity – take some of next year’s donation budget and use it this year to increase your deductions.
- Add up your medical bills – while the Federal Government allows deductions on the portion that is over 10% of your income, New Jersey’s threshold is only 2%.
- Make a mortgage payment for 2017 now.
- Think retirement — IRA contributions can be made up to April’s Tax Day but your 401K Plan only allows them until Dec. 31st. Try to maximize both.
- Defer your bonus – if possible, postpone your December bonus until January. This will lower your income for the year.