Mid Year Tax Tips

It may feel like you just filed your tax returns and the last thing you want to do is worry about taxes again, but taking a few steps now could save a lot of time and money next year. Here are just a few tips that can be utilized now to help prepare for next year’s tax season and ensure you’re doing everything you can to save time and money.

File Return that was Extended

Did you file an extension this year? to file your tax return before the October 15th deadline!

Adjust Withholdings

Now’s a great time to make any necessary adjustments to your withholdings. If you received a large Federal or State refund and it’s not due to tax credits/deductions, it means you’re paying the government too much from your pay check. Adjust. Likewise, if you owed taxes, it means you’re not paying enough throughout the year. Please adjust!

Evaluate Estimated Taxes

Review your income for this year so far. Are there any big items that aren’t already covered by your withholdings? If so, you should consider making an estimated tax payment to cover this. with us to discuss, if needed.