Five Tips for Planning Your Taxes for Next year
Summer is almost here and that means people are getting ready to enjoy outdoor activities like BBQs & swimming and hiking & fishing. It’s also a great time to start thinking about your taxes for next year. What? It can’t really be time to do that, can it? Well, when it comes to tax planning, it’s never too early to get started.
Even though, it’s only May and the tax deadline for last year was only a month ago, there are several things you can do now to get ready for next year. So let’s take a look at some of those things.
Get Organized
- First, you should stay organized. That means putting all of your important tax documents in one safe place, so you have them all ready when tax time comes.
Any Changes that might affect taxes owed?
- Be aware of how life changes can change your tax status. For example, should your marital status change, or you welcome a new child to your family, these can alter your tax bill. Changes like these can mean a update to your Form W-4 is necessary.
Itemize?
- Many people just claim the standard deduction on their taxes, but now might be a good time to consider itemizing. You can start taking an inventory of any possible deductions that have already occurred or will occur later in the year.
Know new tax rules
- Stay informed on any possible tax changes announced by the IRS. Either check their site regularly or subscribe to their email list.
Consider not going it alone.
- Consider hiring a professional tax preparer. It’s always a good idea to get a little help from an experienced tax professional, like GROCO.
Procrastination rarely helps one with impending or potential obligations to Uncle Sam. The Government needs money and they are becoming ever more aggressive in their pursuit of it. Make no mistake, the IRS is in the business of collections. Collection companies are rarely known for their patience or kindness. So, please take these 5 tips to heart. Even though it’s still early, it’s never too early to start thinking about your taxes. If you have any questions about your tax planning, then contact us at GROCO at 1-877-CPA-2006. Need help with accounting? We do that too. Click here to learn more.
We hope you found this short article about “Five Tips for Planning Your Taxes for Next year?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
If You’re Using Airbnb for Some Extra Cash Don’t Forget About Taxes
Have you heard about the latest craze in hospitality? It’s the idea of renting out your home for a night or two, or perhaps even slightly longer, to someone looking for a place to stay other than a hotel. The leader in the industry is Airbnb, which works much like Uber, the personal cab driver…
If You’re Going to Argue About Taxes Your Argument Better Be Good
Lets face it a lot of taxpayers make mistakes on their tax returns. It’s also true that there are plenty of other taxpayers that willfully falsify their returns in order to save on their total tax bill. Some people even go as far as to simply skip out on filing a return all together. You…
Another Tax Scam Is Upon Us – Beware of Back Taxes Bullies
No one likes a bully. Bullies can wreck havoc on their victims. From swirlies to stealing lunch money, bullies are a big problem. The same can be said for tax bullies, except they want to steal a lot more than your lunch money. There have been several recent reports from different locations around the country…
Consider Taxes and Choose Your Retirement Location Carefully
Last week we discussed the best and worst states to retire in when it comes to taxes. So what kinds of factors actually play a role in coming up with those numbers? Choosing a place to call home when you retire is important and there are many factors that can play a role in where…