Time to Start Thinking About 2018 TaxesSubmitted by S. F. Ehrlich Associates, Inc. on July 6th, 2018
June 30, 2018
Yes, you read that correctly; it’s time to start thinking about 2018 taxes. Why? Because the earlier you do so, the better the chance that you’ll uncover an opportunity you otherwise might have missed. In the tax business, opportunities may potentially translate into saving on taxes and putting more money into your pocket.
There are many reasons why this is an excellent time to start planning for your 2018 tax return:
- You can speak to your accountant, without him/her being distracted by how many returns are piled on the desk.
- If you want to plan on paying lower taxes, you have to do so before the year ends. Once the tax year ends, many planning opportunities disappear.
- Tax law changes that were passed in 2017 take effect in 2018. Your accountant should be able to run a projection for 2018 based off of 2017's numbers. If you’re going to owe more taxes, there’s still time for you to do something about it over the last six months of the year.
What will you need to bring to your meeting? A recent pay stub, year-to-date investment income (which we can provide), and year-to-date capital gains/losses (ditto), are useful information to get the discussion started.
If we haven’t spoken with your accountant, we’ll be glad to introduce ourselves and provide whatever information would be necessary to generate a projection. For those clients whose accountants we have dealt with in the past, we’ll be back in touch with them again in the fall.
If you call your accountant to make an appointment, please let us know so we can prepare information for the review. And if you call your accountant to schedule a planning meeting but are questioned as to why that’s necessary, call us so we can help you to plan for your new accountant.