SPRINGFIELD, Mass. (WWLP) – In the middle of the holiday shopping season, you may not be thinking about filing your taxes, but you might want to give it some thought! While you still have to wait until the end of January to receive tax forms from your bank or employer, there are things you can do now to save money.
Tax attorney Paul Mancinone told 22News that you should be gathering information now on real estate taxes, employee business expenses, personal property taxes, and charitable contributions.
This would be the time to donate to a charity if you want to include it on your tax filings. You will need a receipt for those contributions, so contact the charity if you have not received one yet.
Mancinone said that this is the time to consider your capital gains as well. “If you’ve been in the stock market since 2008, you more likely than not have capital gains. Now is a good time to look at some securities for which you lost money on, because the losses can offset the gains, and so it’s a great opportunity to take a look at that,” Mancinone said.
22News spoke with one man who said he thinks about tax season all year, but doesn’t file his taxes until the last minute. “My thoughts are this. I’m in a much better position to protect my money than the federal government is. I like to wait until the very last day on the 15th of April to file my taxes,” said John Hale of Chicopee.
This coming year, we’ll have a new Republican president, Donald Trump, and a Republican-led House and Senate. Mancinone said, “There’s no question that [Trump’s] going to be dropping the tax rate…If you’re going to sell something, you might want to delay that sale until next year, or if you had a project that you had to do, you might want to hold off on that project until next year because the taxes will be lower and you’ll get a bigger bang for your buck.”