The year is quickly coming to and end and as 2010 wraps up all area residents are encouraged to review and prepare their tax information as soon as possible. Don Croghan, CPA in Knoxville says business owners need to compare this year’s results with the last two year and see if there are any unusual developments that point to an abnormal tax year such as an income that is either too high or two low. Individuals are also encouraged to take note of any unusual developments such as trying to even out gains and losses in investments. Croghan also says many employee benefit accounts require employees to spend the money before the year ends and encourages people to check with their employers to see what rules they follow.
Mark Ellingson of VSR Financial in Pella echoes Croghan’s comments and also reminds residents who are saving for college and using the 529 College Savings Plans that contributions are required to be made by the end of the year in order to receive Iowa tax deductions. Both Croghan and Ellingson state that the year end is always a good time to meet with your investment professional or tax accountant to review the year and make the necessary changes before January 1st.