Halfway to Tax Day

October 20, 2017

It may not seem like it, but tax day is approaching faster than you’d think! October 15th is officially half way to tax day, meaning there are only six months left until taxes have to be filed. This news could have you either relaxed and confident in your tax preparations, or it could fill you with panic. But there is no reason to panic, there are plenty of things to do now to help make tax time less stressful. Let’s look at some things you can do to ensure you are prepared come April 15th.

half way to tax day

Adjust Withholdings if Necessary

If you are anxious about tax time because you are unsure about your tax withholdings throughout the year, now is a great time to make any adjustments you may need to. Not having enough money taken out for taxes throughout the year can leave you with a mess in April, and leave you owing a significant amount of money.

Likewise, paying too much in taxes throughout the year can leave you strapped for cash throughout the year when it’s not necessary. By checking your tax deductions and making adjustments where necessary, you can make life now, and at tax time, less stressful.

Organize Tax Documentation

If you haven’t been keeping track of any tax documentation, you probably feel panicked whenever the topic of taxes comes up. Whether you own a business, or you just haven’t kept track of your charitable contributions and other income and deductions, not having an organized system can lead to anxiety.

With six months remaining before taxes are due, you have plenty of time to search for any documentation you may need. Once you find all of your tax documents for the year, be sure to put everything in an organized system to make filing easier.

Set Money Aside if Needed

If you own a small business or have been making extra money on the side, you’ll need to be setting some of that money aside in case you owe taxes. Few things are more stressful than owing a significant amount of money come April 15th, especially if you were surprised by it and don’t have anything set aside.

Find a Professional

Some of these steps can seem daunting on your own, such as estimating how much you should set aside from your small business, or knowing what documents to keep and what to shred. By finding a professional Mount Dora, FL tax accountant now, you can put your mind at ease in knowing you have the help you need, and plenty of time to sort out your situation. Likewise, it is better to go into tax season with someone you know and trust, than to find a CPA at the last minute when you are hurried and stressed.

If you are feeling anxious about tax time at the halfway point get in touch with Relate CPA. We’d love to help you with your tax concerns so you can keep your focus on the things that really matter. Give us a call to speak to a tax consultant in Mount Dora, Florida now!

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