June. Already?!? Time to Take Control with a Mid-Year Tax Check-Up

While tax season might feel like a distant memory, taking a proactive approach with a mid-year checkup can save you stress and potentially money come next April.

Let's face it, taxes can feel like a monster lurking under the bed – a shadowy source of worry that keeps us up at night. But what if we told you there's a way to banish those tax-time blues and take control of your financial future? Enter the mid-year tax check-up – your secret weapon for a stress-free tax season come April.

Think of it like a car tune-up for your finances. A quick mid-year review can identify any potential issues early on, allowing you to make adjustments and avoid last-minute surprises. Here's why taking a proactive approach is a smart move:

• Peace of Mind:  Knowing where you stand financially with taxes can be a huge weight off your shoulders. You'll be able to plan your budget accordingly, and avoid scrambling come filing time.

• Adjust Withholding:  Life happens! Maybe you got married, had a child, or changed jobs. These events can impact your tax bracket and withholding amount. A mid-year check-up ensures you're on track and prevents owing a big chunk of change later.

• Maximize Savings:  By reviewing your income and expenses, you might discover deductions or credits you haven't considered. This could mean more money back in your pocket!

DID YOU KNOW?  The first income tax in the United States was actually a flat tax of 10% levied during the Civil War to help pay for the war effort? Thankfully, our tax system is a bit more nuanced these days!

Now, let's get down to business! Here's your Mid-Year Tax Check-Up Checklist:

1. Gather Your Documents:  Collect your pay stubs, W-2s, 1099s (if applicable), and receipts for any potential deductions.

2. Review Withholding:  Use the IRS's Tax Withholding Estimator to see if you're on track.

3. Explore Deductions and Credits:  Research what deductions and credits you might qualify for, like charitable contributions, student loan interest payments, or homeownership expenses.

4. Plan for Estimated Taxes:  If you're self-employed or have income outside of your paycheck, you may need to make estimated tax payments throughout the year.

5. Seek Professional Help:  If things get complex, consider consulting a tax professional for personalized guidance...we might know someone who can help!

What's your biggest tax-time worry?

• 0%Owing a large sum of money
• 0%Missing out on deductions or credits
• 0%The overall complexity of filing taxes

By taking a proactive approach with a mid-year tax check-up, you can transform tax season from a monster under the bed to a friendly financial companion. Remember, knowledge is power, and a little planning can go a long way in ensuring a smooth and stress-free tax filing experience. So, what are you waiting for? Grab those documents and take control!

STILL HAVE TAX QUESTIONS? WE'RE HERE TO HELP!

Contact us and we'll walk through your concerns with you!