Top professional credit repair provider in US? This is a very hot topic in 2020. Money are a big problem, as everyone knows. We will talk about some credit repair tricks finishing with the presentation of a top professional company in US.

Prepare for Next Year’s Tax Filing: While it’s too late to affect your tax bill for this year, it is not too early to begin planning and making changes that might reduce your liability for the upcoming year. If you have a significant amount of unpaid taxes at the end of the year, an unusually large refund due, or you anticipate a substantial change in income during the current year, consider reducing your withholding allowance so your employer withholds more money from your paychecks during the year. Conversely, you can increase the withholding allowance to have more money distributed to you each pay period. Some people prefer to get a larger refund check, rather than a small increase in take-home income every pay period, because they’re less tempted to spend the money and more likely to save it. If your employer offers flexible spending accounts for health care, child care, or commuting expenses, take advantage of them early in the year. This allows you to pay those expenses with pre-tax dollars rather than after-tax dollars.

The maximum amount of wages garnished varies depending on the garnishment, but they range from 15 percent of disposable earnings for student loans to as much as 65 percent of disposable earnings for child support (if the employee is at least 12 weeks in arrears). In states that have enacted laws differing from federal wage garnishment requirements, employers must comply with state laws demanding a lesser garnishment. And because state laws differ (North Carolina, South Carolina, Pennsylvania, and Texas generally prohibit wage garnishment for consumer debts altogether), employers should ascertain what’s required of them by state law before proceeding with garnishment. No matter how high the debt, employees will always be allowed to keep a certain percentage of their paycheck for general living expenses.

State sales taxes: This write-off makes sense primarily for those who live in states that do not impose an income tax. You must choose between deducting state and local income taxes, or state and local sales taxes. For most citizens of income-tax-states, the income tax deduction usually is a better deal. IRS has tables for residents of states with sales taxes showing how much they can deduct. But the tables aren’t the last word. If you purchased a vehicle, boat or airplane, you get to add the state sales tax you paid to the amount shown in IRS tables for your state, to the extent the sales tax rate you paid doesn’t exceed the state’s general sales tax rate. The same goes for home building materials you purchased. These items are easy to overlook. The IRS even has a calculator to help you figure out the deduction, which varies by your state and income level. Beginning in 2018, your itemized deduction for state and local taxes is limited to $10,000 per year. You still will only be allowed to deduct either state and local sales tax or state and local income taxes, but not both. Read more info at Audit Protection.

Make 401(k) and HSA Contributions: People can make tax deductible contributions to traditional IRAs up to April 15 of next year. However, the door closes on Dec. 31 for 401(k) and health savings account contributions. “It’s a hard stop,” says Wendy Barlin, a Los Angeles-based CPA and author of “That’s Deductible!: Simple Tips and Tricks to Find More Business Tax Deductions.” “Whatever opportunities you have at work (for retirement savings), make sure you maximize them before the end of the year,” she says. Taxpayers with a qualified high-deductible family health insurance plan can deduct up to $7,000 in contributions to a health savings account. Individuals with self-only coverage can deduct $3,500. Those age 55 or older are eligible for an additional $1,000 catch-up contribution. Tax deductible contributions to a traditional 401(k) are capped at $19,000 for 2019. Workers age 50 and older can make an additional $6,000 in catch-up contributions.

Set up your system: There’s more than one way to organize your tax records, but having some kind of filing system will help you keep everything in one place. Don’t wait until January to start organizing important documents. While many important tax documents will arrive in the beginning of the year, some — such as receipts for deductible expenses — will crop up throughout the year. Save documentation for deductible items: If you own a business or plan to itemize your deductions, you should hold onto your receipts and other documents for eligible expenses. You won’t need to submit your receipts with your tax return, but you may need to substantiate your expenses if the IRS audits your return. Do the same for home improvements, especially if you’re planning to sell your home. The amount you spent on home improvements increases your adjusted basis on your home, which is what the IRS uses to determine how much tax you owe when you sell it. Source : getquickcashtoday.com.