Wednesday, November 6, 2013

Avoiding big surprises on tax day


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Thorough preparation is the way to avoid surprises and this applies to the approaching tax day, which is just a few months away. Those who haven’t started on tax planning need to work quickly and accomplish more in a shorter span of time in order to avoid any stressful situations on the 15th of April.

It is faulty oversight to assume that one’s current tax liabilities mirror the previous year’s if his/her financial situation has changed in the present year. There may also be some changes to tax laws that have been implemented, so scheduling an appointment with a tax expert should be at the top of every business owner and gainfully employed citizen’s priorities right now. In accomplishing this as soon as possible, an individual can buy time for measures to deal with the liability such as starting a savings program or adjusting payroll withholdings.


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As for the factors that could affect a person’s taxes, the common ones are a change in marital status, buying/selling a house, a job change, and retirement. Each of these situations present many details that a taxpayer needs to know in order to avoid being surprised by a change in their tax liability. For instance, newly married couples would need to analyze how their joint finances rearrange their fiscal obligations. In analyzing two sets of data, couples can find out if there are items from which they could derive rebates or if they’ll need to pay more during tax day.



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Isidor Hefter is a certified public accountant and a senior partner at Rosen Seymour Shapss Martin & Company LLP who specializes in tax planning and research. Find more articles about year-tax planning through this Twitter page.

3 comments:

  1. I agree on this blog! Tax Planning and taking the right steps can help save your time and money.

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  2. I hate being surprised on tax day! I should start tax planning ahead of time.

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  3. very helpful. thanks for this blog :)

    ReplyDelete