Ahead of the Game

​We have been speaking about end-of-year considerations for the last couple of weeks in this space and there’s no reason to stop now. After all, I figure this is probably the last chance we have to say something about taxes and have it be heard before we completely shut down for the holiday.

And yes, every year we speak about how it is a good idea to get a jump on getting ready for tax season. And yes, every year I’m sure this comes across as a little bit self-serving. This doesn’t mean it isn’t still a good idea for you, though, and it may be even more of a good one this year.

It’s quite possible that the new tax provisions passed through the One, Big, Beautiful Bill will not affect you. That is going to be the likely outcome for most taxpayers. There will still be a significant number of people who will be affected, though, and if you are one of them, you will want to be as ahead of things as possible.

Just think of the situation now while we can we are removed from the actual tax season time crunch – if you could get $1,000 by putting together paperwork two weeks earlier than you would have normally, isn’t that worth it? It’s not actually more work, it is just a matter of doing the same work at a different time.

At this point, there is only so much that one can do to get ready for taxes as most of your forms are not yet available. But hey, maybe a couple are, go grab those now. And within a couple weeks of the start of the year, there’s going to be some more, so why not grab those as soon as possible?

The chances of new questions arising this year during your tax prep are higher than it has been recently. Wouldn’t you like the opportunity to have time to answer these and see if they help your final answer?

So yes, this is not a new plea, but maybe there is a little more reason to listen to it this time. 

Warmly,

Josh Bousquet
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