Creating a Household or Business Budget can Assist with Next Year’s Tax Projections.
Maximize your time throughout the year by creating an annual budget for your personal household and/or business. This will provide your tax preparer a good picture of what your income and expenses are throughout the year which helps with projecting and preparing you for next year’s tax withholdings and deductions. You can keep a simple list in excel, or choose more sophisticated software such as QuickBooks or Quicken or even some free web-based software such as Mint.com to track your income and expenses. And there is no need to go overboard. Even basic tracking, though not perfect by accounting standards, is still far better than waiting until the end of the year to organize your figures. If you are unsure how to get started, contact your tax preparer for some basic advice and resources.
Stuart Steinberg, CPA, MBA has owned a strategic tax planning practice on the North Shore for 23 years. Please feel free to contact him anytime and let Erock Tax take care of you!