We can all breathe a sigh of relief. We’re about 60 days passed the April 18 tax deadline. By now, we’ve all either invested our refunds or cried and sent Uncle Sam our checks. And 60 days or so is just enough time to start forgetting about tax season and all the headaches that come with it. It’s time to start living!
Now is exactly the time to start looking at what you can do to either save more money on taxes or adjust them accordingly for the next filing deadline. A few simple steps while our returns are fresh in our minds can make all the difference when it comes to beating back the icy-cold grip Uncle Sam has on our wallets.
Questions to Ask
For investors and anyone working, our tax returns aren’t just a look at what happened in the past. They’re also a great guidebook for the future. That’s because we can glean plenty of info from them about what to do in the future. Did you get a large refund check? Have high capital gains taxes? What about interest income? All of these simple questions can be answered by looking at last year’s return because they provide an excellent roadmap for adjusting this year’s taxes.