With football season underway and the holidays just around the corner it seems like an unusual time to think about taxes. However, as we go into the last quarter of the year now is an excellent time to check on your potential tax liability, especially if you are self-employed. Also, it would be good to review if you may be able to itemize your deductions, instead of taking the standard deduction.
Planning now helps to avoid surprises in the spring
If you received a raise this year, it is important to bring in your most recent paycheck stub to review if you have jumped a tax bracket. For the self-employed it is important to compile your income and expenses. If you are making a profit, estimated tax payments may need submitted to the IRS. Tax deductible contributions to an IRA should be considered. Or, maybe make a Roth IRA contribution.
Whatever your situation you should avoid putting your taxes on autopilot. As the tax code changes you may miss tax savings opportunites. We recommend making an appointment with an Enrolled Agent (EA) and or a CPA to review your tax situation before the end of the year.