Whew, tax season 2018 is in the books.
We had new tax laws to learn, scams to avoid and changes in our paychecks.
You may be thinking you’re done until next year but I have a few items to add to your checklist.
1) Adjust your withholding if you owed taxes to set aside enough for next year and avoid the check you had to write this year.
2) Adjust your withholding if you got a substantial refund. Not everyone loves giving the government their hard earned money as an interest-free loan, and we do not recommend it. Reduce your withholding in 2018 to better fit your tax liability.
3) Check out the tax law changes for 2018 and make necessary adjustments now before you get farther into 2018.
4) Think about mid-year tax planning with me. You may have changes this year that we should adjust for before December 31, 2018. We may have identified that 2018 would have ended differently if we had done year-end planning in 2017. Or, you just want to stay ahead of business and family planning by meeting with your CPA during the year when you can proactively affect your 2018 taxes.
Late spring through late summer is ideal for these meetings. Give me a call to get yours booked.
5) Take a read through our blog entries. Each one is an easy read and the titles will help you decide which ones may apply to you. Click here for one of my favorites.
6) Take a break. Focus on your business, your family, the gorgeous spring weather we get here in West Michigan, whatever puts a smile on your face.
As for me, I’ll get my bike out again, plan a vacation with my wife and take my sons on a hiking trip. In between it all, I’ll be working on extended returns, non-profit tax deadlines and enjoying mid-year tax planning meetings with my clients. I hope you’ll be one of them, see you soon.
by Dan DeHoek
CPA | ABV | CFP®