Year-end tax tips - KTTC Rochester, Austin, Mason City News, Weather and Sports

Year-end tax tips


OWATONNA, Minn. (KTTC) -- With the so-called "fiscal cliff" set to take effect Jan. 1, taxpayers are even more confused about how to move forward with their taxes.

According to Cindy Sheid, a tax partner with Larson and Allen in Owatonna, the question many clients are asking is whether or not to defer income and tax write-offs to the following year.  Scheid, like many other tax consultants, suggested taking advantage of deductions this year and said people should expect to pay more in taxes in 2013.

"If you don't know what those brackets are next year or what the tax rates are going to be next year it's hard to do planning," Scheid said. "That's the most frustrating thing as we deal with year-end planning is trying to advise people what to do this year, without knowing what next year's results are going to be."

Scheid said people should meet with tax advisors beginning in November and the most common mistake clients make is failing to keep receipts throughout the year.

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