Why You Shouldn’t Leave Your Taxes Until The Last Minute

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Why You Shouldnt Leave Your Taxes Until The Last
Minute
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• It may feel as if there is never a good time to
  start thinking about your taxes they can be
  complicated, time consuming and stressful. But
  leaving them to the last minute is never a good
  idea, especially if you have a high income,
  itemized deductions, are self-employed or own a
  business.
• Even if its many months until the IRS begin
  accepting income tax returns, it still may be a
  sensible time to start reviewing your income and
  expenses. Not only because it will save any panic
  as the due date approaches, but there are often
  tax minimizing strategies that you can take
  advantage of waiting until the last minute could
  mean that you run out of time and money. Below
  are a couple of reasons why it makes good sense
  to start planning for your taxes sooner, rather
  than later

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• It will allow you ample time to make any
  necessary changes, both as an individual or as a
  business owner
• If you begin planning your taxes well in advance,
  it means that there will be plenty of time for a
  tax professional to step in and recommend any
  changes that you might need to make. Expecting an
  accountant to be able to rescue you at the last
  minute, simply means that you may lose out, and
  youll end up paying them for help that you
  havent allowed them enough time to give you.

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• Maximizing deductions cannot be done at the last
  minute, and the relevant information must be with
  the IRS before December 31st to be included on
  the tax return for the following year. As a tax
  payer, you may find that youre able to fund a
  health savings account, sell stocks at a loss or
  even make additional charitable donations, but
  these options will be minimized after the 1st
  January.
• Other tax strategies may also come into play, but
  all will need to be considered and recorded
  before the end of the year.

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• Youll be able to avoid any unpleasant tax
  related surprises
• Taking a proactive approach to tax planning is
  highly recommended by all tax professionals, and
  most agree that clients should plan to meet with
  their CPAs in the fourth quarter. Once this
  meeting has taken place, the tax payer should
  have a much clearer idea of how their year will
  end financially, and there should be no
  unpleasant, costly surprises.
• Getting your taxes prepped and planned in plenty
  of time, also prevents you from incurring any
  penalties for late filing, some of which can be
  costly.

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• If you think that taxes are stressful, remember
  that things could get a whole lot more stressful
  the longer you delay planning and preparing
  them!So, when it comes to preparing your taxes,
  dont procrastinate and leave everything to the
  last minute, hire a tax professional with plenty
  of time to spare, and get your taxes shipshape to
  minimize stress and maximize your deductions.
• At Heyer Associates we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax preparation service in
  Miami. If you are looking for bookkeeping
  services in Miami Heyer Associates would be a
  right option.