Five Tips for Planning Your Taxes for Next year

Summer is almost here and that means people are getting ready to enjoy outdoor activities like BBQs & swimming and hiking & fishing. It’s also a great time to start thinking about your taxes for next year. What? It can’t really be time to do that, can it? Well, when it comes to tax planning, it’s never too early to get started.

Even though, it’s only May and the tax deadline for last year was only a month ago, there are several things you can do now to get ready for next year. So let’s take a look at some of those things.

  • First, you should stay organized. That means putting all of your important tax documents in one safe place, so you have them all ready when tax time comes.
  • Be aware of how life changes can change your tax status. For example, should your marital status change, or you welcome a new child to your family, these can alter your tax bill. Changes like these can mean a update to your Form W-4 is necessary.
  • Many people just claim the standard deduction on their taxes, but now might be a good time to consider itemizing. You can start taking an inventory of any possible deductions that have already occurred or will occur later in the year.
  • Stay informed on any possible tax changes announced by the IRS. Either check their site regularly or subscribe to their email list.
  • Consider hiring a professional tax preparer. It’s always a good idea to get a little help from an experienced tax professional, like GROCO.

Even though it’s still early in 2014, it’s never too early to start thinking about your taxes. If you have any questions about your tax planning, then contact us at GROCO at 1-877-CPA-2006. Need help with accounting? We do that too. Click here to learn more.

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Bill Evans