Top 5 Mid Year Tax Review Tips For a Great Tax Season

When you’re running a business or a household, it can seem like you just never get to do some things until the last minute and that includes taxes.  Now, don’t you go frowning your face and turning up your nose at the thought of it, as it’s really not that bad when you introduce a few tips and tricks that help you become proactive rather than reactive about your finances with a Mid Year Tax Review. 

Looking over your finances now can help you make adjustments that will help you remain better off each year you file and to avoid the risk of this task just being another thing added to your list, I’ve gone ahead of you and have written down my Top 5 Mid Year Tax Review Tips For a Great Tax Season:

  1. Look over how much income you’ve earned year-to-date and estimate how much you’ll earn for the remainder of this year.  With both of these numbers in view, you’ll be able to adjust or confirm your tax payments so that you’re not overpaying, which you can’t recoup until after you file the following year.
  2. Start putting those receipts in order and tracking your business expenses.  No matter what kind of system you use to keep track of all you’ve spent to run your business, put them in date order, and start adding them up to see just how much you’ve spent and just how much you can deduct.  For the remainder of this tax year, keep every incoming expense filed in order and keep tallying up so that you already have the right number of deductions at tax time.
  3. What’s your retirement plan looking like?  Now is the time to either set up a qualified retirement plan or add more money into your plan for upcoming tax advantages.  If you wait until the end of the tax season, you could miss out on contributing the exact amount you’ve planned or miss out on stock market gains.  Setting everything up now will help you reduce your tax liability.
  4. Another way to reduce your tax liability is to purchase new equipment or even improve your office, before December 2015, in order to capture tax write-offs at half the cost whether you made money or not.
  5. Meet with your Financial Consultant.  Whether you allow me to help you or not, I still need you to be aware of what you can do to save and how important it is that you have a Financial Consultant.  Expert advice throughout the entire year can help you finish strong at the end of the year.  We have the knowledge and advice you need to help you position yourself with actions and strategies that are personally devised for you and your goals.

If you’d like to know what I can personally do to help you from a tax perspective, log onto www.behindthenumbersfc.com or call 713-487-6198 to get started today!

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