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You Survived Your Tax Return: What’s Next?

Boulder CO, Accounting Firm

How was filing your tax return this year? Now that the joy of tax season has come to a close, it’s the perfect time to start thinking about next year’s filing. Let’s face it, taxes can be a bit of a headache, but with some proactive steps, we can make the process a whole lot smoother, and perhaps achieve a more favorable outcome.

Here are a few actions you can take now to prepare for next year’s tax season:

Organize Your Documents: Start keeping track of receipts, mileage, charitable donations, and statements throughout the year. Making a list of the documents and information that your tax professional needed this year will help save you from scrambling next year.

Review Your Withholding: Not having enough withheld from your paycheck for taxes is the most common reason taxpayers owe when filing their returns. Consider adjusting your withholding or estimated tax payments if you continually owe or your financial situation has changed. This can help prevent any surprises when it’s time to file.

Investment Planning: Many tax planning strategies involve your investments. Retirement accounts, brokerage accounts, crypto wallets, real estate, and other investments offer opportunities to minimize your tax bill while helping you reach your goals.  Now is the time to think about your goals and investigate any tax advantages or consequences.

Additionally, consider consulting with a tax professional to ensure you’re taking advantage of all available credits and deductions. Taking steps now will set you up for a less stressful tax season next year. Here’s to smooth sailing and bigger refunds in the future!

About Treu Accounting
Treu Accounting is a results-driven small business accounting expert, delivering services designed to build resilience and exceed goals. Treu Accounting tailors our services to fit your unique needs. We provide opportunities for an ongoing conversation from the initial consultation to understand you and your business to the customized proposal, to ensure you get what you need.