The early bird gets the worm—a saying that holds true in many areas of life, including taxes. Getting a jump start on next year’s taxes can help ease the stress, anxiety and, possibly, the financial strain of filing your taxes. We know—it’s close to the last thing you want to think about in these dog days of August. But I promise you won’t regret it if you call us now to set a date to meet with us in the next couple of months.
By going over what you can do to strengthen your financial and tax position in the wind-down to year-end, you’ll eliminate unwanted surprises come tax time. Planning for taxes may not be fun or exciting, but it affords you an opportunity to make changes before the tax year ends. Just look at these items, any of which could put you at a disadvantage—or cause you to miss an opportunity!—when you file your returns:
- Moving a home or office? Buying or selling any real estate?
- Sending a son or daughter (or spouse!) to college this fall?
- Adding a child to your dependents—or launching one or more offspring?
- Have a sudden significant investment income gain or loss?
- Celebrating a “financial milestone” birthday—62, 65, 66, 70?
- Receive a windfall inheritance, bonus, golden parachute, lottery winnings, sunken treasure?
- Starting a new job at a new pay rate, or weighing your retirement options?
If you have had a change in your circumstances or anticipate one before year-end, or if you want to take the stress and worry out of your taxes, let’s plan a strategy now so you’re sitting as pretty as possible come tax time.