- How does my income compare to last year? It may be time to increase or reduce withholdings, or to change estimated payments for self-employed businesses.
- Tax credits - Boy, there are a lot of them this year. If you've been postponing taking advantage of some of the energy tax credits, get on the ball. You'll want to have the work completed before the end of the year to qualify for many of these credits.
- School tax credits. Many states (Arizona included) offer refundable tax credits to benefit schools, both public and private. You make the donation this year and get the money back on your taxes next year.
- Retirement plan contributions - Depending on your income and entity structure, you may be planning to make a contribution to a SEP-IRA, Roth IRA, traditional IRA, etc. Consult your investment advisor (see my recommendation for the best one in the East Valley!).
- Are my records up to date? This would be a good time to set an appointment with your tax advisor to review your current situation and plan for this year's tax liability.
As has been said, those who fail to plan, plan to fail. Take time this fall to set your plan so that you can reach your financial goals.
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