Unless you have filed for an extension, tax season is over until next year. Let’s address some concerns you may have had this tax season, and how to plan for an easier time next year.

Were you disorganized?
Many people dump their receipts, deduction confirmations, or expenses summary into a box or folder throughout the year. Come January, you have to sort and total all of these different potential deduction items. A simple solution is to scan everything into folders or use pocket folders labeled for each type of expense.

Did you under withhold?
This is the surprise that no one wants. We are obligated to pay in at least as much as you paid in federal tax your pervious year. Most of us can realize if we have made more in income or through our investments. Quarterly payment of estimated tax will help soften this burden when you file.

Should you have contributed more?
Many people wait until between January – April to make their deductible IRA contributions. Depending on how your year has been due to unforeseen expenses, this may be hard to do. Try adding to your deductible IRA monthly as you pay any other bill. You are paying yourself and reducing your tax bill at the same time.

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