5 Things You Can Do This Fall To Help Your Next Tax Return
If you were unhappy with your tax return last year, there’s still time to make changes this fall that can impact your 2019 return. These 5 tips can help greatly improve your next tax meeting with your accountant and potentially improve your 2019 return.
Gather all tax deductible items in a folder marked "2019 Tax". If you are unsure what qualifies as a tax deductible item, reach out to your accountant. They should be able to provide guidelines specific to your situation.
Complete a tax projection to determine facilitate planning. We’ve written extensively on the importance of tax projections. While fall doesn’t leave much time to make necessary changes that a tax projection can identify, you could still see an impact if you complete your projection now. Contact a certified accountant today to schedule your 2019 tax projection.
Review prior year tax returns - Keep a running list of any differences between this year and last year. If you switched jobs, got married or divorced, had a baby, purchased or sold a house, bought a car, moved for work, or any other major change, keep a list for your accountant. They can help you understand which changes impact your tax return.
Identify future plans that differ from the past. If you’ve decided that 2020 is the year to buy a house or if you expect to receive a substantial year end bonus, now is the time to work with your accountant to factor those big changes into your tax plan.
Don’t put off meeting with your accountant. We know that meeting with your accountant is probably so far down on your list of ‘fun activities’ that it’s easy to forget, however prioritizing the meeting now can help you eliminate the unknown stress of tax season. By taking the scary step to discuss your financial situation and make changes now, you can provide yourself with much needed reassurance and reduce surprises when tax day arrives.
If you are interested in discussing your tax situation, contact us today for a free tax consultation.