We’re less than six months away from Tax Day. Are you prepared?
You might think tax planning only involves gathering your necessary documents prior to tax season. However good accountants, like those at SP Group, can give your financial plans a boost to help reduce your tax liability and save you money on April 15th. Here are some tips to give your tax planning the equivalent to a caffeine infusion.
Get Your Records Straight
It can be overwhelming to keep track of everything you need for tax season. But getting your documents organized is an important first step to ensuring you can sleep easy. But that’s not all.
The IRS recommends keeping all your tax documents secured and organized for two reasons. First, it can help make tax season that much less stressful for you. The second reason is more dire. If the IRS flags your return for review, having your full documentation ready and available is vital. The IRS normally will audit flagged returns within 3 years, but has audited as far back as 6 years for special cases.
Keep your necessary documents together and filed correctly. Don’t wait!
Dream Big, Plan Well
Tax planning isn’t just organization, however. It’s also about specific money moves to make sure you’re reducing your liability and maximizing your growth. Want to save up for a house or start a small business? Having a good tax plan (and a good accountant) is a great way to make those dreams a reality.
First, take a look at your adjusted gross income (AGI) with your accountant. This is your sum total of all your income minus qualifying expenses such as student loan payments and IRA contributions. You can lower your AGI by increasing the number of deductions you can take. You can find many ways to invest in your future and reduce your taxes at the same time.
For instance, if you’re working toward a degree, a 529 plan can reduce your taxes while you fund your college expenses. If you have regular health expenses, contributing to a health savings account (HSA) will ensure you can pay your medical bills tax-free. And if you’re planning to retire someday, an IRA or Roth IRA not only can guarantee you’ll be taken care of as an elder, but your workplace may make contributions in equal amounts!
All in all, maximizing the money you keep supporting yourself and your dreams is a good way to reduce your tax liabilities.

Save Money and Rest Easy
While you can tax plan on your own, modern life is fast-paced and complicated. There’s so much to do, and it feels like the year shouldn’t be almost over. There’s Thanksgiving to plan and Christmas shopping to do, and then the New Year will be here before you know it. Who has the time?
Well luckily, tax planning doesn’t have to be a nightmare. Finding a good accountant can reduce your stress and save you money.
SP Group offers strong tax planning services, including assurance services, financial forecasts and projections, cash flow and budgeting analysis, business entity selection, and retirement planning. With a private tax firm in your corner, you can skip the worrying and rest easy knowing you’ve got this.
The Bottom Line
Make the upcoming tax season easier on yourself by getting a jump start. Let our experts help give you and your tax planning an energy boost. Contact us today to find the right services for you! We’ll even make you a coffee. ☺