I know, the holidays are upon us, and the last thing anyone is thinking about is tax season. But as New Year’s creeps into view, this is your last chance to make money-saving moves for your taxes. Earlier this week the RDTC Tax Help Blog posted an entry with answers to 10 common questions about year end tax planning. You can find a snippet of the article below, or click here for the full text.
1. Why should I start planning now?
Most taxpayers do not plan ahead for the coming tax year, simply because they do not want to start stressing about taxes during the holidays. However, choosing to plan ahead will actually make things easier and less stressful come tax season. You should look at tax planning as a stress-preventative measure.
2. What are the advantages tax planning?
Besides reducing stress, end of the year tax planning can also save you a lot of money. Tactics like making an extra mortgage payment or paying state taxes in advance can quickly and easily reduce your tax liability. If you wait until the New Year begins, it will be too late to take advantage of these strategic tax moves.
3. What tools do I need for end of the year tax planning??