September and October is the perfect time to begin tax planning for this year.
For individuals, this is the best time to start the year-end planning. The year is over half-way done and it is possible to see to the end of the year for the purpose of knowing how the year will end up.
What information is handy to gather for a tax planning review?
- Is your net income up or down from last year?
- How will your cash flow be at the end of the year?
- Have you had any losses this year that need special work or consideration, such as foreclosing on a house, or writing off credit card debt?
- Are you still employed and will you be through this year, and/or into next year?
- If you have extra money this year, are there any tax deductible things that you can afford to buy? This may include energy efficient items like solar panels, or new windows?
- What taxes have been withheld from your paycheck and/or what estimated tax payments have you made?
Armed with this information, make an appointment to see me to start the tax planning for the year.