IRS Trouble Solvers - November 2022

Your Actions Today Can Make S CORP, C CO MAKE TAX M

As we prepare for our Thanksgiving feasts, Thursday night football games, and Black Friday shopping, take some time to show gratitude for those around you and for what you have. Here are a few ways to practice gratitude this month. Appreciate everything. Get into the habit of being grateful for the little things in your life. It can be easy to acknowledge the “big” things, but nothing is too small to be thankful for. You can be grateful the weather is nice and sunny, that you received the package you’ve been waiting for, or that you got out of bed today. Don’t leave out anything when practicing gratitude. Practice mindfulness. Mindfulness is the ability to be fully present and aware of what’s happening around you. So, instead of being overwhelmed by what you need to do tomorrow or next week, focus on the present moment and enjoy the time you spend solo or with your loved ones. Live in the moment and take one day at a time. Tomorrow will surely come, and you only have a limited amount of time in the present. Celebrate your challenges. Sometimes struggles and battles in our lives can weigh us down. But when you persevere and continue to push forward, you will find success. Challenges help you improve your abilities and resilience, so celebrate the progress you’ve made. Showing gratitude for challenges and negative experiences allows us to acknowledge humility and appreciate growth in our lives. THANKSGIVING IS ABOUT MORE THAN FOOD It’s About Showing Gratitude

The end of the year is busy! With the holidays, gatherings, work deadlines, and prepping for the new year, taxes may be the last thing on your mind. After all, you don’t have to file until April, right? Right … and wrong! Many changes and tasks can make a significant difference when you file your taxes next year. For many of them, Dec. 31 is the deadline, so let’s take a look! Defer your income. Your income is taxed the year it is made, but if you can pay it down the road instead — why not? Salary and wage income are not easily

deferred, but taxes on year-end bonuses can be postponed to the following year if they are

paid the next year. For those who are self-employed or contracted, delaying billings until late December can help ensure you are paid (and taxed) in 2023. Note: You should only defer income if you will not be entering a higher tax bracket next year.

Make charitable contributions. Qualified charitable contributions are a

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Keep a journal. Writing down the things you’re grateful for will remind you of all the great things you have when other things aren’t going so well. So, keep a journal about what you’re grateful for each day or week — even if it’s just small

things at first. Your perspective on life will change, and it will get easier to see the good things and to feel grateful for things you were likely overlooking. Showing gratitude is something we should do every day, all throughout the year — not just during the holidays. So, try to practice mindfulness and gratitude using these tips! Happy Thanksgiving, everyone!

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