Contrary to popular belief, tax planning isn’t limited to the months between year-end and April 15. In fact, smart tax planning goes beyond deductions and credits and should be incorporated throughout the year. As Americans prepare to file their returns, let’s take a look at what we should be thinking about for tax season and beyond.
The beginning of each new year is the time to get organized before filing your taxes. Make an appointment with your accountant and prepare by gathering all the relevant documentation.
Among other things, you’ll need:
Although most 1099s are mailed by the end of January, there is generally no deadline for issuing them and some may be delayed or later revised. Your account can help your decide if you need to file an extension due to a delayed or revised 1099.
If lowering your taxes is a priority, start a conversation with your financial and tax advisors about ways to save money come April 15. Consider these perennial options:
For all taxpayers, it’s important to take a look at what tax strategies could benefit your specific situation without losing sight of your overall financial goals. Reviewing your investments in light of your goals, the tax environment, and the economic landscape can help you see where adjustments need to be made to position yourself for the upcoming year and beyond.
*Interest may be subject to the federal alternative minimum tax and state or local taxes.
Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.