The April 15th tax deadline just passed but now is the time to start planning for next year.
Here are four steps you can take now to increase your tax efficiency.
- Keep accurate notes of all issues that came up this year, so you have an easier time next year.
- Change the number of dependants on your W2 at work to adjust your withholdings up (if you paid a penalty) or down (if you are getting a large refund).
- Fund you IRA now, if you can afford it. The longer you have the money invested the quicker you can start earning.
- Make an effort keep receipts for items that may be deductible i.e. lease forms, supplies etc.