7 Tax Resolutions for 2019

With the New Year only days away there is no better time to make your tax resolutions. A new chapter is about to start, and with it a new opportunity to get ahead of your financial game. Read on for our top 7 tax resolutions you should make for 2019.

Start Your Year Off Right

We know taxes aren’t due until April, but come Jan 1, write your accountant to request an annual review. Use this time to brainstorm how to make the filing process easier and more efficient, confirm key deadlines and ensure you will have all necessary information ready for the year.

Audit Your Accounting Technology Systems

What systems do you currently use for tracking your tax burden throughout the year? Do you file through an online system? If you answered yes to either of these questions it may make sense to do a New Year audit of the technology you have in place. Make sure it is still working for you, that the costs are manageable, and perhaps explore some other solutions to see if there are not any new options that will save you time and money.

Organize Your Paperwork

W-2’s, expense receipts, 1099’s, oh my. It’s easy to get overwhelmed with the amount of paperwork you are responsible for. Make it easier on yourself by starting out the New Year with a filing system. It is highly recommended you scan copies your items to keep them digitally. Simply creating a “Tax” folder, with sub-folders for “Expenses” (separated by Expense type), “IRS Forms”, “Payroll, “Income”, etc, will make it a breeze to find everything you need come filing time.

Get Your Taxes In Early

The due date to submit your taxes falls in April, however that does not stop you from submitting them early, and therefore getting your return in advance. If you use an accountant, this will also help to ensure there is plenty of time to review your information before busy season.

Review Your Financials & Goals Monthly

Do you have financial goals for 2019? If not- make some! Perhaps you are looking to buy a house, open a new business location, or contribute more to your retirement account. Or, maybe you just have an income or revenue goal you want to hit to show growth year over year. Whatever it is, put it in writing. Break down your goal on a monthly basis and review it as such to determine if you are on track, and to assess your financial health. Keeping a finger on the pulse monthly, vs. only at the end of the year will give you much greater clarity and the ability to make adjustments and improvements.

Stay Up-to-date With Tax Law

We know tax law isn’t always the most exciting read. However, it’s important to understand the implications that new legislation will have for you and/or your business. Keep an eye out for tax news, but more importantly talk to your accountant. They will be the best person to communicate any applicable changes, and hopefully save you money in the process.

Get To Know Your Accountant

A good accountant is your biggest asset when it comes to taxes. If you don’t have a good accountant, find one! Your relationship with your accountant is very important, the better they know you, the more they can help you save time and money on your taxes each year.

For more tax best practices, or to get a head start on your taxes in the New Year, contact us today at karen@stamponeassociates.com or 215.277.1191.