With less than two months left in 2015, we’re in the home-stretch of the year. Now is the time to make sure there are no major surprises come tax time.
Withholdings
Review your pay stub for income and withholdings. Make sure you have made the proper changes to your withholdings that we discussed last tax season. (We’re looking at you, church workers!) If you had a large tax bill last year, this is your reminder to review and ensure that there are no shockers this year.
Business Owners
Are you concerned about major changes to your net income compared to last year? Contact your accountant with a rough idea of year-to-date profits. We can discuss ideas and strategies that can be implemented before the end of the year—and before it’s too late!
Documents
Most tax documents arrive in the mail in early January or February. But you can start to gather other important documents before December 31st. Books for college, donations, business mileage, and other tax receipts can be gathered now instead of waiting for the busyness of the new year.
Charitable Donations
Remember to make your end-of-the-year donations now before time runs out on this tax year. Don’t wait for the holidays when time and money are both thin.
Retirement Saving
Many people wait until the April deadline to make Roth IRA, Traditional IRA and SEP/SIMPLE IRA contributions. Don’t follow the herd. Invest some of your annual contribution now before billions of new dollars flood the market in the spring. Contributing now may give your annual investment a little boost before tax time.
If you have questions about the end of this year and upcoming tax season, we always welcome your calls. Please reach out to our financial advisors at Gabriel, Burger & Else, CPA for help with your unique tax situation.