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While the deadline for getting things done is still a few months away, investors and tax payers need ample time to assess their current financial situation, re-evaluate their goals, and plan out what needs to be done to stay on track for the next year. They should also check for any changes in the rates and tax cuts that are applicable to them.
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Many taxpayers make the mistake of assuming that their liability from the previous years will apply to their latest tax bill. However, it is wrong to assume that the tax bill will be the same on a year with significant tax law changes. For instance, it is especially important for high income earners to take into consideration in their tax planning the tax cuts from the Bush-era which expired this year.
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With just a little over two months until the new year, taxpayers seeking to keep more of their money need act soon to ensure that their financial planning duties are properly dealt with so as not to interfere with their holiday celebrations.
Isidor Hefter is a certified public accountant and a senior partner at Rosen Seymour Shapss Martin & Company LLP. Find more tax planning advice on this Facebook page.
