Have you ever thought about New Year’s Tax Resolutions? What can I do better when it comes to my personal and business taxes? What strategies can I employ to ensure an optimal tax planning and savings? It might be a good idea. Good tax planning starts with organization and awareness. Each person’s tax situation varies depending on an infinite number of possibilities. Start with this:
- Keep and file your receipts;
- Consider Tax Situations When Making Life Changes and Signing Agreements;
- Pay Attention To Every Form 1099 and make sure it is represented on your tax return;
- Deal With Tax Notices Promptly;
- Be engaged! Take an interest, or (rather a little interest?) in that fabulously exciting area of your life: TAXES.
- Attempt to keep up with the latest tax news.
After your New Year’s hangover wears off, you will begin to see those dreaded tax forms appear in your email inbox and the snail mail box. Let these little letters of love be a reminder to you that in the coming year you will make a valiant effort in improving all aspects of your tax preparation. You will not ignore the weekly tax sound bite on your favorite radio news show, you will not use the daily business section of the newspaper as kindling (if you even read a newspaper anymore), and you surely will not tune Uncle Billy (who happens to be a tax lawyer) out when he begins his yearly family tax lectures at your annual Fourth of July family BBQ’s. Like anything else you may find unappealing: running, reading Henry David Thoreau, cold calling, or gasp! Eating fruits and vegetables, tax planning is necessary and important. I promise you will be a better person. A better-rounded person. If you just spend a little more time on a subject we all enjoy…….. TAXES! (on a side note… I have never met someone who enjoys taxes more than our VP of Tax Services, David Du Val. Talk to him and you would think taxes were the pot of gold at the end of the rainbow. We love him so.)
NOTE: Eric Linden is just a wily tax blogger and not a trained tax professional. Please see a trained tax professional for any tax advice.