Most people think about taxes twice a year: once in the spring when they file, and once in December when they wonder if they should have done something differently. That’s true whether you run a business or just run a household.
The thing is, by January, most of your options are off the table. The moves that actually lower your tax bill happen in the fall. So what should be on your radar right now?
Don’t miss September 15
If you pay estimated taxes quarterly, your third payment is due on September 15. That’s not just for business owners. Freelancers, contractors, and anyone with a side hustle may owe too. If your year has gone better than expected, that payment might be larger than you planned. It’s better to know that now than to get hit with a penalty later.
Check your withholding
New job, marriage, new baby, new house? Big life changes can shift what you owe. A quick withholding checkup now means no ugly surprise in April, and there’s still time to adjust before year-end.
Retirement contributions
One of the most effective tax moves out there, and one of the most overlooked. Business owners: some plans must be set up before December 31, not just funded by the filing deadline. Employees: Bumping up your 401(k) contribution for the last few months of the year can still make a difference.
Big purchases and home projects
Business owners, the timing of an equipment purchase can change what you owe next spring. Homeowners, keep receipts for home improvements. Those records can matter down the road when you sell.
Get organized now
Good tax planning starts with knowing your actual numbers. For a business, that means catching up the books. For a household, it can be as simple as one folder for receipts and tax documents. September is an easy time to do it, and December is not.
The bottom line
The people who save the most on taxes aren’t doing anything magical in April. They’re making decisions in the fall, while those decisions still count.
Want to talk through your situation before year-end? Call us at 254.399.6833 or email info@JAGreenCPA.com, and let’s walk through it together.
This is for informational purposes only and does not constitute financial or legal advice.
