Mid-Year Tax Planning Made Easy
Every January, people start to feel the stress of gathering a year’s worth of records, receipts, bank statements, and other information necessary for the purpose of tax filing. A little bit of mid-year tax planning can reduce that stress and help you get a jump on your 2016 taxes.
As a Coral Springs CPA, my goal is to help you save money while reducing the stress that tax season can bring. These mid-year tax planning tips can help you get a jump-start on that process right now.
Some people are extremely organized and already have everything they need all in one place. This is the time to contact your trusted certified public account to bring in these records. Why should you bring in your files now? This time of year is slower for your accountant. He or she can spend extra time looking to see that everything is in place, let you know if you need to make any changes regarding the amount of taxes you are currently paying to the government, and look for ways that you can reduce your 2016 tax burden right now.
If you are not one of the organized individuals, and you know that your receipts are here, there, and everywhere, just imagine how much harder it will be to gather everything at the end of the year. Save yourself time and stress by tackling this job right now. Your CPA can provide advice as to how to make this job easier and faster.
Smart Mid-Year Tax Planning Moves
Everyone can make smart mid-year tax planning moves right now. Only half of the year is over, leaving plenty of time to whittle away at your 2016 taxes. Here are some of the top recommended tips that you can use today:
- Track your money with one of the many easy-to-use apps – ask your CPA which ones he or she recommends
- Contribute funds to your retirement and health savings plans – smaller regular increments are easier on the finances than larger lump sum payments
- Adjust your withholding – although a big tax refund may seem like a good idea, the government is keeping your money and not paying you interest
- Make charitable contributions now
- Look into refinancing your home
- Review your insurance policies – ensure that you are getting all possible deductions
- Check your credit rating – doing this every six months can reduce the chance of undiscovered problems when you do not want them
- Schedule an appointment with your CPA to discuss ways of reducing your taxes and increasing your wealth
Make sure you hold on to all medical, day camp, and travel receipts that might be usable towards reducing your overall tax burden.
Call me, Randee Abramson, your credible, professional, and accessible Coral Springs CPA for all your accounting needs.