Monday, 23 May 2016

Tips to Start Planning Next Year’s Taxes by Uhlenbrock CPA

Are taxplanning and preparation simply end-of-the-year activities? Well, this is one common myth that most tax payers have. But, remember, do not leave your tax preparation to the last month of the year. Start your tax preparation early so that you can get sufficient time to plan your tax strategies, identify ideas that may help in reducing your taxable income, qualify for the right credits and optimize tax deductions. What are you waiting for? Get in touch with your tax planning professional in San Antonio today and start tax preparation for the current year.
No matter how busy you are or how boring tax planning may seem, starting early is always a smart choice. Here are few tax planning tips for the next year –

  • Life events like marriage or birth of child has an influence on the amount of tax you pay. Use IRS tax calculators to calculate how much tax you will need to pay in case you have got married or had a kid this year. Also check if there are any forms that you need to fill and submit. When you start tax planning early, you have sufficient time to adjust your withholding amount.
  • In case, you have suffered a casualty loss in the year, you can use it in the same year to maximize available write off.
  • Research on qualifying schemes, 401(k) programs, SEPs and charitable institutions where you can donate money and gain tax benefits. You can also analyze the different tax free bond funds.
  • Start early and use your time to find an experienced and reliable accountant or CPA in your area. The tax professional will not only ensure accurate tax filing but also proper tax planning.
  • Set aside or contribute money to your requirement accounts. Though this can be done at the end of year also, contributing throughout the year will help you better manage your financial goals. 

Make tax filing process for next year easy and hassle-free by starting now! Get in touch with our tax planning service providers in San Antonio for professional advice. Call 210 701 1040.