5 Tax Tips for After You File Your Tax Return

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Most taxpayers breathe a sigh of relief after filing their tax return and are happy to not deal with taxes for another year. What they are missing out on is the great tax planning that can be done after filing your tax return.

Here are 5 Tax Tips that I recommend doing after you file your tax return:

TIP #1: Implement the recommendations from your tax advisor

When my team prepares a tax return, we are not just focused on that one year. We are also looking for tax saving opportunities in future years. We make a note of these items and discuss them with our clients after the tax return is filed.

Now is the ideal time to discuss these opportunities with your tax advisor.

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TIP #2: Update your company book

The company book is the place to organize the history of your company. It can include organizational information, meeting minutes, including annual minutes, annual financial statements, and much more.

This information in a company book can help support tax deductions and tax positions, which is an effective way to protect your tax savings.

When my team prepares a business tax return, we provide a list of items to include the annual minutes. Be sure to update your annual minutes so the items in your business tax returns are properly supported in your minutes.

TIP #3: Update your bookkeeping

Your tax advisor will often make adjustments to your accounting as part of preparing your tax return.

Be sure to get those adjustments entered on your books. This makes it a great time to review any bookkeeping questions you have with your tax advisor.

Bookkeeping is one of the most powerful tools when it comes to maximizing tax savings.

It’s where the activity gets captured and when done properly, it can capture additional tax savings.

TIP #4: Track your estimated tax payments

Mark your calendar for your estimated tax payments due over the next 12 months. The real planning with estimated tax payments is making sure you are paying the right amount. This amount can change throughout the year so check in with your tax advisor throughout the year to make sure your estimated tax payments are on track.

Tip #5: Get your tax return done

If your tax return is on extension, get your tax return done now. Most people don’t look forward to the tax return preparation process which makes it tempting to procrastinate. But your tax return is a tremendous tool in your tax planning so getting it done sooner may mean paying less tax sooner.

The best opportunity to reduce your taxes comes from planning your taxes not only throughout the year, but years in advance.

To ensure compliance with requirements imposed by the IRS, we inform you that any US federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and it cannot be used for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. If you are not the original addressee of this communication, you should seek advice based on your particular circumstances from an independent advisor.

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