Start year-end tax planning now to implement strategies before the year closes and get a liability estimate for April. This gives you six months to set aside funds and avoid surprise bills, interest, penalties, and IRS scrutiny.
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. 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.
