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.
Unstable Stock Market Could Hurt State Tax Budgets
While many feel the wealthy should be paying more in taxes, the efforts to enforce this strategy does have some consequences for state budgets. Many of the country’s wealthiest individuals hold the majority of their wealth in stocks. That means when the stock market goes down, so do the tax payments of the wealthy. In…
Florida Looking to Lure More Wealthy Taxpayers
The reports regarding many of the nation’s wealthy packing up and moving to different states in order to avoid the high taxes where they currently reside continue to mount. According to one such report, David Tepper, the president of Appaloosa Management L.P., who is the wealthiest resident of New Jersey, is in fact no longer…
How Long Does it Really Take to Prepare Business Taxes?
How Long Does it Really Take to Prepare Business Taxes? For most people, just hearing the words business taxes is enough to cause uneasy feelings, but for business owners the thought of doing their own business taxes can be a nightmare. Filing individual tax returns can be hard enough but the process gets even more…
Tax Topics Business Owners Need to Know
Being the owner of a small business can be very rewarding, but very challenging at the same time. One of the biggest challenges small business owners face is dealing with taxes. There are countless items to keep track of and monitor with small business taxes, but these are some of the most important issues to…