It’s the day after
filing your taxes, and what are you do to make sure that 2019 is a tax success?
First thing is first,
✴️ Check what pinned you - what made you pay more and plan accordingly for this year to avoid this as much as you can
✴️ Organize & have All Paperwork Ready (early)- As the year goes on, have a separate folder for all paperwork corresponding to your taxes
✴️ Check to see what is your tax bracket this year - you do this by going to the IRS site and based on this year's gross income you estimate where you will fall next year
✴️ Plan accordingly to your tax bracket and speak to your tax advisor on how you can lower your taxes this year
✴️ Check which expenses to pay in full and which ones to pay in installments. You can ask your tax advisor about this. Usually when it comes to medical expenses and business memberships we pay it in installments. But sometimes it is best to pay it off by year end because you may be able to write off more. Talk to your tax advisor and see which method and for what will help you most based on your tax scenario.
✴️ Contribute to your retirement accounts throughout the year