Tax season may be over, but it doesn’t mean that you can’t start preparing for next year.
Below are five ways that Marcia Campbell helps set her clients up for success in the upcoming months:
- Reflect on Your Tax Strategies
- Update Your Bookkeeping Tactics
- Look Over Your Tax Payments
- Add to Your Retirement Account
- Check the Financial Status and Your Growth Plan
1. Reflect on Your Tax Strategies
Now that the stress of tax season is over, you probably have more time to sit down and review the success of your tax strategies and evaluate what could be done more efficiently next year. In turn, your proactiveness will make the next tax season far less stressful for yourself and your family members.
Related Article: Filing Tax Returns for Estates and Trusts in Riverside
2. Update Your Bookkeeping Tactics
Now that you have organized all your files, you can update your current bookkeeping system to keep only the important documents and dispose of any receipts or paperwork that you no longer need. Learn more about what records you should keep and how to dispose of documents that you may not need anymore here.
3. Look Over Your Tax Payments
Review all the tax payments you made and discuss new opportunities to become exempt in the upcoming year. Your CPA will work with you to adjust your estimated taxes and make sure you are doing what is needed before the next tax season.
4. Add to Your Retirement Account
If you do not have one already, you should make a point to have a retirement plan in place. Develop a plan and make contributions to your account throughout the year. This ensures you will have enough money saved up when you have a need for it in the future.
5. Check Your Financial Status and Your Growth Plan
Where do you and your household stand financially? Take the time to conduct a financial review of your household and learn what investments were effective and what was profitable. Work with your CPA to determine your new financial goals for the upcoming year.
Not sure where to start? Schedule time with Marcia Campbell, CPA.
Marcia L. Campbell, CPA is committed to helping each client thrive by caring for their personal and financial wellbeing with genuine interest, well-established expertise, and a focus on respectful partnership.
If you need help with your finances, please contact us by filling out a Contact Form or giving our office a call at +1(951)686-3608.