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Five Mid-Year Tax Tips

Written by Eva Rosenberg on July 18, 2014 in Tax  |   No comments

Tax season doesn’t end when you file your taxes on April 15. Tax issues continue all year round, so it’s important to regularly assess your tax situation, and now—halfway through the year—is the perfect time. At this point, you probably have some idea about the…

five-mid-year-tax-tips

Tax season doesn’t end when you file your taxes on April 15. Tax issues continue all year round, so it’s important to regularly assess your tax situation, and now—halfway through the year—is the perfect time.

At this point, you probably have some idea about the direction in which your personal balance sheet is headed, and you likely have some financial expectations for the rest of the year as well.

Here are a few things to consider when reviewing where you stand with Uncle Sam:

Do you need to adjust your withholding? Review your withholding and figure out whether you need to make adjustments. If you received a big refund last year, it might be time to make some changes.

Are you up to date on estimated tax payments? Calculate how much you expect to owe for the year, and, if necessary, adjust your payments accordingly. If your income fluctuates, it’s OK for your payments to be different each quarter.

Is it time to buy a home? If you’re a renter, this may be a good time to buy a home because you’ll get a nice tax break. Of course, when you run the numbers, remember to take into account...

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