The tax deadline is next Tuesday, April 17th for most Americans. As much as we love our country, tax time with Uncle Sam is another story. It can be stressful, time-consuming, and feel like a hassle just to get your returns filed, mailed, and paid on time.
What if instead of feeling frazzled and fed up with the Feds, why not make a change starting right now? Here are four ways to take some of the stress out of taxes… (Download the PDF version here!)
Top 4 Ways to Remove Tax-Time Stress for Business Owners:
Get organized and keep accurate records
Let’s be honest: your accountant doesn’t want a shoebox of receipts each year. Do them a favor and keep as many records electronically as you are able. Have your tax documents emailed to you or retrievable online.
You can also go through last year’s tax documents and make a list of what you received. Next year at tax time, refer to the list and verify you receive everything. Keep all your tax records together and sorted by year.
File and pay your taxes on time to avoid interest and penalties
If your employer withholds and pays your taxes for you, this should be easy to check-off the list. Be aware of financial events that could result in the requirement to pay taxes throughout the year. This could include lottery winnings or selling an investment with large capital gains.
If you are self-employed, make sure you are setting aside the funds to pay your taxes as you receive income. Setting up your business taxes will give you more peace of mind.
Maximize your tax deductions & credits
Work with your tax preparer to educate yourself on what deductions and credits you may be eligible to use. 2018 taxes will look dynamically different for many of us because several of the deductions and credits we previously received are now gone due to recent tax reform.
Keep a forward-looking approach
Schedule a time to meet with your tax preparer to review last year’s return. Discuss any anticipated changes to your income, residency, and expenses for the year. Understand what actions you need to take in 2018 based on those changes.
Did your tax bracket change this year? Are you ready to take advantage of new tax opportunities that can improve your investments? My team and I understand the impact tax reform will have on your financial future, and we’re ready to help you win with your investments.
If you have questions or even concerns about how to make the most of your new tax bracket through investing, let’s connect to talk more!