Its tax time people!
There are plenty of people running around trying to get their taxes prepared, but I'll let you in a little secret... those who are really smart are taking note of their finances and tax situation from last year and using this time to put themselves in a better situation for next year. In short, it's called TAX PLANNING!!!
There are so many things you can implement now or even learn about that will help you keep more money in your pocket this time next year. In just about every situation you generally come out better being proactive versus reactive. Taxes and finances are no different!
Something else to think about- while you might be sitting pretty this year it only takes a few small changes in your life (and let's be honest, change is constant) to cause you to:
1) not have enough money withheld (think- getting married, working an extra job, or retiring (especially) from the military.
2) realize that you should have been paying estimated taxes (e.g. becoming self-employed or a 1099 contractor).
3) pull money from a retirement account before you're eligible (retiring before you are financially ready and not knowing the rules).
4) forget to file and/or pay your taxes (think new baby, new job, being overwhelmed).
Tax planning can help you navigate all these areas and more. Tax season is the perfect time to sit down and decide what things need to change and look at what things can be done to improve your situation. Some things may be as small as changing your marital status and exemptions for withholding, or opening an IRA, planning major purchases for the next year at the end of this year, or picking the right vehicle to get the most out of your business tax deduction.
No matter what changes you need to implement we are here to help.