Effective Tax Planning Starts Now
Take a proactive approach to your tax planning and get started in the summer. 415 Group Director Todd Ruggles, CPA, explains why starting now will help lessen any surprises when the next tax season rolls around.
Many people only consider tax planning at the end of the calendar year. However, you should consider a year-round approach. If you look into it in the summer, you can take better advantage of different tax code opportunities by giving yourself more time to make adjustments.
Listed below are ideas for midyear tax planning. These are great conversation starters for you and your CPA. There are many opportunities for individuals, including those offered by your employer. And, if you own a business, look for ideas there as well. With the Tax Cuts and Jobs Act (TCJA), look at how your business is structured to find out if you’re taking advantage of all the new tax deductions.
For your personal tax situation, take some time to go through the ideas below with your CPA. They might have other ideas as well, and they can help you decide which ones would make the most sense to pursue. Taking the time now will help in the long run. For example, people think they should make retirement planning contributions all at once at the end of the year. However, if you plan ahead, you can spread out your IRA contributions throughout the year.
When you work with an advisor at 415 Group, we will take a proactive approach to your tax planning. We do comprehensive tax projections throughout the year so we can lessen any potential surprises and get you the most benefits when it comes time to file your taxes.
Beyond tax code changes and changes out of your control, if you make a change, we want you to keep us in the loop. If you’re contemplating doing something that will impact your overall taxes, we can discuss the impact so you can adequately plan.
If you want to work on a proactive approach to your tax planning, contact an advisor at 415 Group. We can work with you throughout the year to ensure you get the most out of the next tax season.