Mid-year tax planning makes summer sweeter
Summer means warm weather, family trips and using those vacation days you’ve worked so hard to save up. It also means one more thing: taxes. You read right. Summer is the best time to start thinking and planning for this year’s taxes. You’re halfway through the year and have a pretty good idea what your financial tempo will be. Step away from the pool, put down your golf club and see which of these mid-year tax tips will help you really enjoy the rest of your summer.
Get organized. Do you dread January and the thought of sorting through your mess of receipts and other files to get organized for tax season? By summer, half your year is over — start organizing that first half now! Try to digitize your files by scanning hard-copy receipts. If digital isn’t an option, get a separate filing cabinet with folders. Whatever your system for organizing, ensure it makes sense to you. And once it’s done, stick to it.
Give now. A lot of charities receive the majority of their donations during the winter months, so why not give earlier? Once you do, be sure to get a receipt and put it in your newly organized system.
Check your withholding. Whether you paid on last year’s taxes or you received a big check from Uncle Sam, it’s always good to look at your withholding to see if you’re on the right track. Adjust now to save later.
Call us! Last but not least, call Barlin Business Solutions to see how we can help. In July we offer our season special of only $350 for a mid-year tax planning session. We can assist with your 2015 tax extension, organize your 2016 taxes early and give specific financial advice on ways you can save for the next six months. April 15, 2017 will be here before you know it. One way that cool lemonade is going to taste even better this summer is knowing you are set for the rest of the year.