While it probably feels like you just finished doing your taxes for the year, it’s never too late to start planning for next year’s tax deadline. Don’t leave everything until the last minute next April—start by tracking and organizing your tax documents now. Meet with a CPA in Sacramento, CA to make a plan to help you to stay on track so tax time won’t be so stressful next year. Here are some easy tips to help you manage your taxes all year long:
- Stay organized: Start now by keeping track of receipts and documents that you will need in the coming year to prepare your taxes. Keep a log of planned deductions so you know what to claim the following year. Think about anything that may have caused issues with this year’s taxes. Take the steps now to ensure the same headaches don’t occur next year. Talk to your CPA in Sacramento, CA about the paperwork you will most likely need for your taxes, and start collecting this information early. By planning ahead now, you will be well organized to tackle your taxes with ease.
- Adjust tax withholdings: Now that you have completed you taxes for this year, you should have a good snapshot of what your tax withholdings look like. Did you have to pay additional taxes this year? If so, you are probably not having enough withheld from your paycheck. Adjust this level so, next year, you don’t have to pay penalties. Did you receive a large refund? You may want to adjust your tax withholding to a smaller amount so you can use the money throughout the year. A CPA in Sacramento, CA can help you decide what level of withholding allows you to experience the lightest tax burden.
- Plan for life events: Do you have a major life change happening in the next year? These may include such things as buying a home, selling or refinancing your home, having a baby, getting married or going back to school. All of these items can affect your financial situation and change what kinds of deductions you might be able to claim. By planning for these events in advance, you will be prepared for how this will alter your tax return for the next year. Talk to a CPA in Sacramento, CA about the ways any life changes might impact your taxes.
- Make an appointment with your CPA: Plan ahead and make an appointment now with your CPA in Sacramento, CA. They won’t be as busy this time of year and will be able to take the time with you to develop a plan for next year’s taxes. Meet with them, discuss any problems you had with your taxes this year and talk about what you can do differently next time.
By making a plan now for next year’s taxes, you won’t feel so pressured and frazzled next spring. Get a strategy in place early to avoid the problems you had with your taxes this year. Staying organized and informed will make the process go smoother. A CPA in Sacramento, CA can help you learn what you need to manage throughout the year to be ready for tax season next year. Make an appointment with Yoder & Co., CPA to create a plan for your next year’s taxes. We can provide professional guidance on preparing for tax season and offer personalized services that are designed to make your financial worries a lot less stressful.