In this solo presentation, the speaker emphasizes the urgency of completing year‑end tax planning before the extension deadline. He explains three main benefits of early planning: (1) implementing tax‑saving strategies before the current tax year ends, (2) obtaining a reliable tax‑liability estimate to avoid surprise payments, penalties, and interest in April, and (3) reducing the mental and logistical effort required at the last minute. The speaker outlines a step‑by‑step preparation process: (a) get bookkeeping records accurate and organized, preferably with a professional bookkeeper, (b) start gathering key tax documents such as recent pay stubs and property closing statements, and (c) schedule a dedicated year‑end planning meeting with an Insight Tax accountant (or another qualified CPA). He stresses that October‑December is the optimal window to engage a bookkeeper before the January rush, likening it to beating a theme‑park line. The video concludes with a call‑to‑action for current Insight Tax clients to contact their accountant, a link for non‑clients, and a promotional reminder to like, subscribe, and share, while repeatedly noting the speaker’s negative view of the IRS’s handling of taxpayer money.
Chapters
1, 2, 3. Here we find ourselves very close to the final extension deadline for the tax season. So what should we be talking about today? Let's talk about taxes for next year. Now is the time to prepare yourself to have the best outcome for taxes next year. I did a video a few weeks ago on year-end planning, But let me just briefly summarize for you why this is going to be important. One, if you do it now and there's strategies that you need to put into place or you learned about and haven't put into place yet, now's the time to get that in because once the year ends, the benefit for the current tax year is over. The next one is you, through a year-end planning meeting, you are going to get a very good tax estimate On what you'll end up owing in April, so that if that ends up being higher than you expected, you have 6-ish months to save up the money instead of waiting till April when the tax is due, not having it then, now having that fire and having to deal with that, not to mention the interest and penalties, and then getting on the IRS's radar because you didn't pay your taxes. And then A slight benefit, you know, if you prepare now, it takes a lot less energy to prepare ahead of time, to do preventive medicine, if you will, instead of waiting until the last second. And now you're doing like, how do I cure this? How do I put out the fire? So let's get it over with now. It'll be less energy, and now you can put a lot more effort into planning for the future instead of waiting. To the last minute, dealing with a fire, and then having to look backwards. Okay, so that's why. How do you prepare for a year-end planning meeting? How do you prepare your taxes now so that you're ready to go come tax season next year? Number 1, get your books in order. When you have business activity, whether you had a good year or a bad year, that often directly correlates to your tax outcome. So what we do, one of the number one things we use in preparing a business return with business activity, whether that's a separate return or on your personal return, we pull financial statements from your bookkeeping software. So it's kind of important that those are in order and accurate. Can't tell you how many clients come in, we look at their books, there's signs that say they're not accurate, And once we kind of educate the client on that, they go back and sure enough, they were going to overpay in taxes had we not stepped in and showed them, hey, we really need a clear picture here. Not to mention, sometimes in order to take advantage of the tax code, things need to be classified the right way, because if they're not classified the right way, you could be overpaying in taxes. And then they also need to be classified the right way because sometimes there's certain ways the tax code applies to things That maybe they qualify for credits for things like that. So we want to make sure your books are accurate. Now, I recommend working with a bookkeeping professional. Whether you use us or not, we have a great team. We'd love to work with you. But whether it's us or someone else, I can tell you from October to December is a good time to reach out to a bookkeeping company and help them clean up past stuff, if you're worried about missing deductions that could save you taxes, do it now. Because once January hits, everybody does it. So it's kind of like waiting in line at Disneyland. If you can get in front of the rush, if you've ever been to what they call rope drop, you can rush to the most important ride that you want to get in that day and not have to wait in line forever. January is when that line starts getting really, really long, and we don't have any Lightning Lane or FastPasses. Most bookkeeping firms don't either, so get it done now when there's plenty of time to do it accurately instead of having to wait till January when you need your books cleaned up and then you got to wait in line with everyone else who's asking for the same service. You can also start gathering your tax docs now. Now look, before the year ends, you wouldn't have anything official, but for your estimate, having your most recent pay stub, If you've bought a new property this year, your closing statement has potential tax deductions on it that we'd want to see. Now, if you use us for year-end planning, which we hope you do, we have a whole organizer and questions that we'll ask you to help jog your memory of things that we may need to see to give you the most accurate estimate. Okay, so that's gathering docs, and then of course, look, how do you prepare for this? The easiest, like the biggest step is to schedule the actual year-end planning session. So this is when you and the accountant are going to sit down, you're going to go over the accurate estimate for the current tax year, and based on what you have going on, either implement new strategies that you didn't know about or remind you of strategies you may have learned about. Maybe you still have some questions on it, maybe you just haven't implemented yet. You'll walk away with clear action items on how to make sure that you save on taxes. We like this strategy because now you can go into the holiday season, which for most people is a happy time of year, and it's going to be even happier if you already know what you might end up owing. So schedule that tax planning meeting. If you're a current Insight Tax client, reach out to your tax accountant. and ask them. It may already be included in what you're paying with the package you signed up for. Schedule with them directly, and if it's not included in the package, you can work out payment with them based on the current plan you have with us. If you're not a client, there is a link in the description below. We invite you to click it, and we really hope to keep as much money in your pocket as possible because the government Sucks at spending your money, so let's keep it in your pocket. It's better there. So there you go, year-end planning meeting. Hope to see you around, and don't forget, the IRS still sucks. Please remember to like, subscribe, comment, share this with anyone you think can benefit from it. We want to serve as many people. We know the government sucks at spending your money and your friends' money, so let's keep the money in our own pockets.
