5 Ways Early Tax Planning Keeps Money in Your Pocket

Statera Financial Planners |

Tax season can be a challenging time for those who fail to plan. Many scramble to organize everything at the very last minute, and usually it’s the fear of the unknown to money being owed.

Having a plan will help reduce stress and ensure money stays in your pocket. When it comes right down to it, there are not too many people who wouldn’t find the joy in that!

Here are five tips to help your tax season going smoothly:

  1. Start early: The beginning of the year is the perfect time to start working Statera Financial Planners. We help you see the big picture. A client-centric approach will not only encompass tax planning, but retirement goals, charitable giving, insurance needs, and other strategies that fit your personal situation. The benefits will reach far beyond the tax season.
  2. Organize: A well-organized approach will reduce preparation time and help keep professional fees to a minimum. Develop a system that works for you that will stand the test of time. Once the system is established it will be easy to keep everything organized throughout the year – every year.

  3. Fill in the blanks: As February and March roll around, ensure that you have all relevant receipts for investments made both inside and outside of a retirement portfolio. It can take time to follow up on missing documentation, so it only makes sense to begin the process as soon as possible.

  4. Be available: If you are using the services of a tax professional, make sure you are around to answer questions once you’ve handed over your documentation. Getting answers promptly will speed up the process and help keep costs down.

  5. Make a return visit: Once your tax forms have been filed and the pressure is off, make a return trip to Statera Financial Planners to review your plan, make adjustments where necessary, and ensure that you have all your ducks in a row in advance of next year.