July Is The Time To Prepare For End Of Year Taxes

Now that you’ve had 3 months to recover from tax day it’s time to start making changes so you aren’t left with a tax headache in 2020.  No we’re not kidding. July is the perfect time to work with a certified accountant to complete a tax projection for your personal and business taxes. 

So why now? At this point in the year you have 6 full months of data to share with your accountant, which can give them a clear picture of how the rest of your financial year should turn out. July also provides just under 6 months to make any necessary changes to improve your tax situation before the end of the year. One tax projection can greatly impact your next return, so it’s important to complete this process before you run out of time to make changes. 

If you don’t have time to meet with your accountant this month but would like to start the process of improving your tax situation, we recommend saving more for retirement. Whether you choose a traditional IRA, Roth, or employer sponsored plan, increasing your contributions to the max allowed can help you greatly come tax time. For specifics on how increasing your retirement contributions can help your taxes it’s important to meet with your accountant. 

If you’d like to discuss how a tax projection can help you, contact us today for a free consultation.