For most people, tax season has come and gone. But that doesn’t mean you can’t have your sights set on next year. Many small business owners and individual taxpayers spend the entire year preparing for tax season. The team at Broussard Poché, LLP has a few tips to help keep financial planning top-of-mind year-round and help you save money.
Keep a running tab on receipts, donations and any other forms of income you may have. Are you making money this year and don’t even realize it? How about your stock portfolio? Why wait until the end of the year? If you keep track year-round you can ease into tax time come 2018.
Look ahead to retirement. Are you contributing enough to your 401(k) plan throughout the year? Now is the perfect time to evaluate your retirement goals. Remember, these contributions are exempt from IRS tax withholding, but they are also not reported on your tax return.
Summer Tax Credits
Don’t forget, you can take advantage of the Child and Dependent Care Tax Credit. In a previous blog, Broussard Poché, LLP highlighted the ways this credit can be used to help working parents get through the summer and save a lot at tax time; you can read it here.
The tax professionals at Broussard Poché, LLP can offer more than just tips to the DIY tax-preparer. They can walk you through the complex process. Here are a few services to consider:
- Tax Preparation
- Tax Planning
For business owners:
- Full-Charge Bookkeeping Services
- Payroll Processing & Compliance
- Accounts Payable Processing
- Part-time CFO Services [“CFO to Go”]
- Benchmarking & Trend Analysis
- Quickbooks Consulting
Take advantage of the time you have now to plan ahead! You’ll be thankful for the extra organization, forethought, and professional advice in April of 2018.