Time for your FREE tax check-up!
A tax check-up? What is it? Will it hurt?
Basically it’s a way to make sure you are on track and where you want to be in regards to your taxes.
Most people think they don’t need to worry about taxes until March or April when it is time to file their returns but, in reality, that is the very last step in your tax journey. Your tax journey starts at the beginning of the year when you start earning money, whether that’s a paycheck, payment from a customer, interest on investment, etc. If you make money (heck, maybe even if you lose money), it’s going to affect your tax obligations.
Many decisions you make throughout the year can impact your taxes. Paycheck deductions, retirement contributions, investments, charitable giving, education, child care, these are but a small fraction of all the things that can cause twists and turns in your tax journey. Will decreasing my deductions mean I will have a smaller refund? Will sending my daughter to day care while I work decrease my taxes? If I cash out my IRA, what is that going to mean come April 15th?
Tax planning can provide a road map and help you avoid expensive detours and traffic jams.
Waiting until the end of your journey to pull out a map doesn’t make much sense, does it?
That is where a tax check-up comes into play. Using last year’s tax return and information from this year (paychecks, statements, business income & expenses), we can let you know if you are on the right road or if you are in danger of falling into a ditch. Are you withholding enough? Too much? How can we legally lower the taxable part of your income so you owe less in taxes?
October is the perfect time for this review. Most of the income and expenses have happened and we have a good idea of what will probably happen over the next few months. And, most importantly, there is still time to make course corrections if needed. Contributions can be made, withholdings can be changed, purchases can be made or delayed.
Don’t be surprised at the finish line, have an idea where your journey will take you.
This year, I am offering free tax-check ups to everyone. Yes, free. And yes, everyone.
If you know of anyone who filed an extension, send them my way. There is still a little time to get those returns in on time.