Share:

Now that you’ve filed last year’s taxes, you might be considering ways to prepare for next year’s tax return season. Getting organized ahead of time will simplify the process. Tudor Wilson & Associates CPAs has provided accounting and tax services to the Honolulu, HI, area since 1999. Below, their qualified team describes the ways you can prepare for filing. 

A Preparation Guide to Next Year’s Tax Return

1. Set Up a Meeting With a CPA

tax returnNothing will help you more than setting up an early meeting with a CPA to discuss the upcoming year. Set this up after the previous year’s tax season to address any questions you have. Write down your list of questions and share financial goals you have. By the time you have to file for the following year, you will be better prepared with how to handle any tax obligations. 

2. Adjust Withholdings & IRA Contributions

If you received a larger tax return last year, a CPA might suggest altering your withholdings so you’ll have a more substantial paycheck each month. This is ideal if you have a sufficient amount of savings put away for a significant tax obligation. Additionally, if you want to make an annual contribution to your IRA or even max it out, adjust your contributions at the start of the year to meet these goals. 

3. Chart an Income Projection 

While this might seem like a tax planning tactic better suited for a business, a basic idea of what you plan to make for the year can help you assess upcoming tax responsibilities. Consider all income you earn from your primary employer, any independent contractor income, and your investment income. 

If you or your loved ones are curious about how to best prepare for next year’s tax season, speak with a qualified accountant. Tudor Wilson & Associates CPAs specializes in providing their clients with a suite of estate planning and tax services. Call them today at (808) 592-2000 or visit their website for more information. 

tracking