Procrastinators beware: Tax planning isn’t just something you have to deal with at the end of the year and then again in April. While it’s tempting to pay your taxes and forget about them until next year, a mid-year review can ensure you aren’t overpaying Uncle Sam.
“People should look at their tax exposure mid-year because those that do tend to pay less in taxes than people who do not,” says David McKelvey, partner at accounting firm Friedman. “There are moves that taxpayers can make, but the real value is the ability to plan out actions for the balance of the year.”
Mid-year tax planning can also make life less stressful when April 15 rolls around, especially for those that change tax brackets and might be facing a bigger-than-normal bill.
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