Time and Knowledge
It has been less than a week since the deadline passed for filing your taxes if you received an extension. That may seem like it must be much too early to discuss next year’s filing, but it means we are in the final quarter of 2021, and that means the time to make moves that can affect your tax picture for this year is running short.
If you are someone who just filed and were surprised at your final numbers, let that be the kick you need to seek the answers that will move things closer to where you need them to be. That kick can be more difficult if you filed six months ago, however, for the sting wears off. But let this be a call to remind you that back then you wanted to investigate what you could do to improve things and better enjoy how your tax picture looks come filing season.
The trick with these situations is that there is no one-size-fits-all solution. If there was some simple action everyone could do to pay less taxes, it would be well known and you would have already done it. Instead, everyone’s personal situation is different and the answers and strategies that are best for you may not be best for your neighbor, and vice versa.
We are always happy to provide this personal touch. And sure, when it comes time to file, maybe we can make you aware of some deductions that you did not know you were eligible for. But at that time, we may also see things that you could have done six months previously but is too late to do then. Time is an ally in these situations.
So do not be afraid to reach out at this unorthodox time. We clearly cannot make any promises that doing so will result in future savings but can guarantee that you will have a clearer vision of your tax picture. Even if the answer isn’t the best, and even if there are no ways to make a big difference to it, you will at least be prepared and can plan for it. For again, time is your ally in these situations.
For not only is time a help in this area, so is knowledge. The bad times happen when you find out something you didn’t know at a time when you can’t do anything about it. This is your chance to not end up there.
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To ensure we don't make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
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