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Mid-Year Tax Planning Checklist



All too often, taxpayers wait until after the close of the tax year to worry about their taxes, missing opportunities that could reduce their tax liability or help them financially. Fall is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take steps to mitigate their impact and thus avoid unpleasant surprises after it is too late to address them.

• Did you get married, divorced, or become widowed?
• Did you change jobs or has your spouse started working?
• Did you have a substantial increase or decrease in income?
• Did you have a substantial gain from the sale of stocks or bonds?
• Did you buy or sell rental property?
• Did you start, acquire, or sell a business?
• Did you buy or sell a home?
• Did you retire this year?
• Are you on track to withdraw the required amount from your IRA (age 70.5 or older)?
• Did you refinance your home or take out a second home mortgage this year?
• Were you the beneficiary of an inheritance this year?
• Did you have a child? Time to start a tax-advantaged savings plan!
• Are you taking advantage of tax-advantaged retirement savings?
• Have you made any significant equipment purchases for your business?
• Are your cash and non-cash charitable contributions adequately documented?
• Are you keeping up with your estimated tax payments or do they need adjusting?
• Are you aware of and prepared for the 3.8% surtax on net investment income?
• Did you make any unplanned withdrawals from an IRA or pension plan?
• Have you updated your income and other information with your Health Marketplace?
• Have you stayed abreast of every new tax law change?

If you anticipate or have already encountered any of the above events, it may be appropriate to consult with this office, preferably before the event, and definitely before the end of the year.

Article Highlights:

• Fall tax planning
• Changes that can impact your tax liability

Original Post By:  Barry Fowler

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Barry Fowler is licensed to represent taxpayers before the Internal Revenue Service (IRS) and is a longstanding member of several tax industry professional organizations including the National Association of Enrolled Agents (NAEA), National Association of Tax Preparers (NATP), Texas Society of Enrolled Agents (TSEA), and the American Society of Tax Problem Solvers (ASTPS). With experience in the tax and finance industry spanning over twenty years, Fowler’s expertise includes tax resolution, personal financial planning, tax return preparation, financial statements, and general ledger bookkeeping. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.

One thought on “Mid-Year Tax Planning Checklist

  1. Avatar Gerry Speck says:

    I was searching for blogs related to tax planning and came across your blog. I have one question for you as I thought you can give me the answer on that.

    My organization is about 50 employees and the growth is also good. Till now my partner and I handle all the activities related to taxation.

    But due to workload, we are planning to recruit a tax adviser. Is it beneficial for my organization to recruit a tax adviser? Can he or she help in tax planning better?

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