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Mid YearTax Tips
Tip of the Month
June 2000
Mid YearTax Tips
Mid-year is a good time to double check where you are in the world of tax liability. Here are some tips that might help you make the most of your dollar.
Check your witholding rate. If you got a large return last year, your witholding is too high. Remember: the IRS does not pay interest on your money. And while youâre at it, check your deductions. Are you accounting for everything? Are there some deductions left over from last year that you can claim this year?
How good is your record keeping? Having your records in good order will make life easier for you over the next six months. You can use a W-4 form and worksheet for these calculations.
If your type of income has changed significantly, for instance, if youâve become self employed, you may want to consider making quarterly estimated tax payments. This would eliminate a single, large tax liability January 1st.
If all this seems a little overwhelming â you are not alone. Over 50% of individual taxpayers hire a tax professional. But, remember, they canât do all the work. Orderly and accurate record keeping is your job â and it will save you money in the long run.
Check your witholding rate. If you got a large return last year, your witholding is too high. Remember: the IRS does not pay interest on your money. And while youâre at it, check your deductions. Are you accounting for everything? Are there some deductions left over from last year that you can claim this year?
How good is your record keeping? Having your records in good order will make life easier for you over the next six months. You can use a W-4 form and worksheet for these calculations.
If your type of income has changed significantly, for instance, if youâve become self employed, you may want to consider making quarterly estimated tax payments. This would eliminate a single, large tax liability January 1st.
If all this seems a little overwhelming â you are not alone. Over 50% of individual taxpayers hire a tax professional. But, remember, they canât do all the work. Orderly and accurate record keeping is your job â and it will save you money in the long run.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.
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