1. Meet with your tax advisor.
If you weren’t able to file back in April, one of two things is likely true: Your return is complex or something complicated was going on in your life or your business. Either way, a good tax advisor will be a huge benefit to you as you wrap this up. You want to work with a CPA who uses a proven system for tax reduction. After all, it’s your hard-earned money. Don’t give more of it to the government than you must.
2. Get your documentation in order.You need to be organized to ensure you file a complete and accurate return. As you pull your documentation together for your tax advisor, pay close attention to anything that may have come in late or changed. This includes:
Revised or corrected Form 1099s and Schedule K-1s
Cost segregation analyses on any real estate investments
IRA contributions, especially those you funded in the first quarter of this year.
3. Double-check your deductions.Business owners often miss valid tax deductions. Take the time to comb through your expenses to make sure you haven’t missed any and ask your tax advisor if you have any questions.
4. Look for tax credits.Did you invest in a solar power system or electric vehicle last year? These are just two of the many purchases that may make you eligible for valuable tax credits. Talk with your tax advisor to make sure you don’t leave any money on the table.
5. Start planning for next year.Don’t stop with your return from last year. Start working with your tax advisor now on a long-term wealth and tax strategy. This way, you can make sure that not only will this year’s return go more smoothly, but that you also set yourself up to make way more money and pay way less taxes.
Ready to rethink your return?
Book a call with the team at TFW Advisors® today! We’ll take a look at your most recent return and assess how we can help improve your results.