Mid-Year Tax Planning Checklist
Article Highlights:
- Mid-Year Planning
- Avoiding Unpleasant Surprises
- Events That Have Tax Consequences
All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take steps to mitigate their impact and avoid unpleasant surprises after it is too late to address them. Here are some events that can trigger tax consequences. Did you (or are you going to):
❑ Get married, divorced, or become widowed?
❑ Change jobs or has your spouse started working?
❑ Have a substantial increase or decrease in income?
❑ Have a substantial gain from the sale of stocks or bonds?
❑ Buy or sell a rental?
❑ Start, acquire, or sell a business?
❑ Buy or sell a home?
❑ Retire this year?
❑ Reach age 72 this year?
❑ Refinance your home or take out a second home mortgage this year?
❑ Receive a substantial inheritance this year?
❑ Take advantage of tax-beneficial retirement savings?
❑ Make any significant equipment purchases for your business?
❑ Purchase a new business vehicle and dispose of the old one?
❑ Adequately document your cash and non-cash charitable contributions?
See the Full Article Here: https://relaxtax.com/blogs/insights/mid-year-tax-planning-checklist
