Did you know that the summer months are the perfect time to prepare for the upcoming tax season? While the last thing on your mind during the relaxing summer months are your taxes, this is the best time to get a head start for the upcoming tax season. Spending just a little time this summer for tax preparation will not only give you a few minutes of relief from the heat, it will pay dividends next year and allow you to relax during the busy tax season.
Organize Your Tax Documents Now
If you haven’t already established a place to collect all your tax documents for the tax filing year, do it now. Create a file to collect all of this year’s important tax related papers and receipts. You’ll thank yourself during tax time when all your documents are in one place.
Be Sensible Before You Spend This Summer
Summer is time for vacation and fun, but being responsible with your spending does not always make for a fun summer. For many people, summer vacations can be the ideal way to cut on spending when the budget calls for it. If you are working on paying down debt or increasing savings, take a realistic view of how you can sacrifice on some extravagance this summer to benefit your wallet. If you remain realistic and stick to your budget this summer, you’ll thank yourself in the future.
Summer Months Can Offer Tax Savings
If you are gearing up for back-to-school shopping, take advantage of the Sales Tax Holidays. Some states and retailers offer days of tax free or reduced tax shopping with the intention of giving back-to-school shoppers a tax break. While the dates and the rules vary from state to state and by municipality, some states allow a tax break for purchases for items as costly as computers and printers, and for common items such as clothing and pencils.
Assess Your Finances
With just a few months left in the year, it’s a great time to reassess your finances. If you’ve spent big bucks on a summer vacation, or managed to save money with a staycation, check your budget to see how you’re doing. Make adjustments now for the remainder of the year to keep your finances in check. Doing this will allow you to work on budgeting for year-end holiday spending, and even next summer’s vacation.
Troy MI Professional Tax Preparation Service
Contact the tax professionals at E&Y Agency today at 248-362-1313 for more helpful tax preparation tips.