So, by now, you are feeling the relief of knowing that your taxes are done, right? Well, maybe some of you are feeling relieved. Some of you are still not happy as the 2013 tax increases hit you harder than expected.
Tax season is always a time to reflect on what you did last year and how you can do it better this year. Here are a few tips that are oldies but goodies:
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Keep your receipts throughout the year. Put them in an excel spreadsheet. Put them in a folder. Organize them, scan them but keep track of them. We rarely remember everything that happened throughout the year so keep track as you go.
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Manage your revenue stream. Figure out where all your income is coming from and know which 1099’s you should be receiving and which ones are always late.
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Capital gains/losses. This is a tax planning tool but you should always be looking at how to leverage your investments to your advantage. Your financial advisor should be helping you with this information throughout the year.
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Tax planning. It’s gonna be a good year and you know it. You need to get in early and often so we can really help you stay on track. I hate big tax bills and even worse big surprises. Stay ahead of those….
Well, it’s April and this is all I got…. time to go and take a little rest!
Let us know if you want some help getting your stuff together early and just in case you’re one of those who file an extension…. this can help you too. Start getting those receipts in order so that we can finish up earlier than October 15th for you…… our second tax season.
We got ya covered!
