Summer Tax Planning Tips
Between vacations, BBQs and lazy days by the pool, most people don't include “taxes” on their summer agenda. But they should! Waiting until the end of the year to get organized can often lead to frustration and costly mistakes. Scheduling a mid-year tax planning review now can help save time later and have a positive impact on your 2018 return. In addition, recent tax reform may affect your existing strategy so it’s important to address these changes before it’s too late.
Planning now for your 2018 taxes may not only help reduce your overall tax burden, but could help you gain control of your entire financial situation. Here are a few things you should consider to help ensure you’re prepared when Tax Day arrives!
If you filed an extension for your business, your personal taxes or both, you'll need to file your tax return prior to September 15th for businesses and October 15th for personal returns. Due to the volume of clients we have, please send us your tax documents and completed tax organizer as soon as possible! Even if you don't want to file the return until the actual deadline, providing your information early will ensure we have adequate time to prepare your tax returns and answer any questions you may have.
With proper tax planning done you can ensure there are no surprises come tax season. By doing your tax planning early, you still have enough time in the year to make any needed adjustments to your current situation. A little bit of attention to the matter now can save you quite a bit of money and headache down the road. Give us a call to set up a time to meet with your tax preparer for some helpful tax planning tips.
ESTIMATED TAX PAYMENTS
If you are required to send in estimated tax payments, ensure that you are current with making your payments. If you have any question regarding your payments or think you should be making some but are not, we'll be happy to ensure you have everything you need to stay on track.
If you have any IRS notices, NOW is the time to address these issues. Notices tend to come with a deadline to respond and the penalty for not responding (even if the IRS is in the wrong) can quickly escalate. Send us a copy of your notice and we'll work with you to find the best solution.
Summer is a perfect time to double check tax withholding from your employer. The Tax Cuts and Jobs Act, signed into law last year, introduced many changes and most affect individual taxpayers in the 2018 tax year. Some of these changes include the loss of personal exemptions, doubling of the standard deduction and significant changes to itemized deductions. Making sure you have the correct amount being withheld from your paycheck can help avoid costly mistakes at tax time!
TAX PREPARATION CHECKLIST
Before you prepare your tax return you should have a tax preparation checklist to help you get organized. Simply put, it will help you get everything together before you begin to file your tax return or show up for your appointment with a tax professional. As you move down the checklist, you will find items you may have missed as well as things that were accounted for in the past. Click the link below to download your FREE Personal Tax Checklist:
If you have any questions about how to make the most of your summer tax planning, please give us a call. Our certified tax professionals are here to help!