Holdfast Wealth Management

Financial Advisor Austin

  • HOME
  • ABOUT
    • BIOGRAPHY
    • PHILOSOPHY
    • PROCESS
  • SERVICES
    • INVESTMENTS
    • RETIREMENT PLANNING
    • MANAGING YOUR FINANCES
    • ASSET ALLOCATION
    • CHARITABLE GIVING
  • RESOURCES
    • USEFUL WEBSITES
    • FINANCIAL CALCULATORS
    • VIDEO LIBRARY
    • ARTICLES/REPRINTS
      • WSJ Guide to the New World of Taxes – 2019 Update
      • WSJ Guide to the New World of Taxes
  • CLIENTS
    • SCHWAB PORTAL
    • HOLDFAST PORTAL
    • SCHEDULE A CALL
  • BLOG
    • ARTICLES
    • TITLES
  • CONTACT

Tax Season is Upon Us

January 10, 2017 By John Dapper

The holidays are over and the beginning of a new year brings on the dreaded tax season. You may have put it out of your mind so you could enjoy the holidays, but it’s time to get back into business mode – the tax-filing deadline will sneak up on you almost before you know it.

The good news is that with our tips, you no longer have to dread tax season!

Get Started Sooner Rather Than Later

Getting started as soon as possible – as in, now – is especially critical if you “outsource” your taxes to H&R Block, Jackson Hewitt, your personal accountant, etc. The longer you wait, the busier those services will be; the downside, of course, will be waiting longer, but it could be worse – they could be distracted by their heavy workload, miss possible deductions, and potentially reduce the size of your refund.

Get your taxes filed in January or February and sit back, relaxed, while everyone else starts sweating around mid-March.

Prepare the Appropriate Documentation

The documents you’ll need when filing your taxes vary considerably based on your circumstances. A comprehensive list of your documentation needs can be found here.

And we’ve said this in previous tax blogs, and we’ll likely say it again, but it bears repeating here, too – go to the link, figure out the tax documents you need and what information you need to fill them out, and start collecting that information for 2018 NOW. Next year, you’ll be glad you did.

Verify Your Filing Deadlines

While the typical deadline for filing taxes is April 15th, the 2018 deadline has been extended to April 18th due to factors like weekends and holidays.

Depending on your circumstances, there may be other deadlines to keep in mind. For example, if you own a business, you’re responsible for providing your employees with their W-2 and 1099 forms by January 31st – a full month earlier than last year’s tax season.

Be Mindful of Law Changes

Naturally, it’s impossible to know every tax law, but it’s a good idea to keep track of significant changes. For example, it’s important to know that the IRS has increased penalties for businesses who fail to meet the new January 31st deadline for W-2 and 1099 forms.

The Affordable Care Act, colloquially known as Obamacare, is another area that has seen changes recently, including one where you can be fined for not having health insurance. A good reference for other significant changes can be found here.

Don’t let tax season get you down. If you prepare appropriately and follow our tips, tax season should come and go with little stress to you. And there’s more good news – we’re always available to answer questions and are prepared to help you through this year’s tax season. With over a decade of experience in advising individuals and business owners in financial matters, you can put your trust in Holdfast Wealth. Contact us for more information.

Share and Enjoy !

Shares

Filed Under: Uncategorized Tagged With: year end tax strategy

 

 

Twitter Posts

[fts_twitter twitter_name=holdfast_wealth tweets_count=6 twitter_height=400px cover_photo=no stats_bar=no show_retweets=no show_replies=no]

Holdfast Wealth Management works as your fee-only personal advisor, offering a wide range of consulting services such as retirement planning, investment and wealth management, and holistic financial plans. We proudly serve clients in Austin, Texas and the surrounding communities.


3711 Greystone Drive, Austin, Texas 78731
512.693.8384 | info@holdfastwealth.com

Sitemap

Legal, privacy, copyright and trademark information

Copyright © 2023 Holdfast Wealth Management. All rights reserved.

Share

Blogger
Delicious
Digg
Email
Facebook
Facebook messenger
Google
Hacker News
Line
LinkedIn
Mix
Odnoklassniki
PDF
Pinterest
Pocket
Print
Reddit
Renren
Short link
SMS
Skype
Telegram
Tumblr
Twitter
VKontakte
wechat
Weibo
WhatsApp
Xing
Yahoo! Mail

Copy short link

Copy link