Larry Bradford, CPA
  • Home
  • Separate Property Tracings
  • Business Valuations
  • Forensic Accounting
  • Income Taxes
  • IRS Problems
  • Blog
  • About
  • Reviews
    • Leave a review
  • Contact

Articles

The Importance of End of the Year Tax Planning

10/21/2022

2 Comments

 
The end of the year is a busy time for many people, and as a result, tax planning often gets pushed to the side. Don’t let this happen to you, as year-end planning can save you a significant amount of money. Tax planning is the process of creating a financial plan to maximize your tax return and ensure you pay the lowest taxes possible. The process includes calculating expected quarterly tax payments, creating a plan to avoid penalties, and utilizing any available deductions. Taking the time to create a year-end tax plan benefits taxpayers in the long run.

When Is the Best Time to Begin Tax Preparation?

The best time to complete tax planning is right before the end of the calendar year, ideally in November or December. Taxpayers need to know how much income they have made throughout the year up until the end of October to be able to calculate their expected taxes. Creating a plan to pay taxes throughout the year will ensure that taxes are paid on time, the payments are manageable, and no penalties accumulate. The deadlines for making estimated tax payments throughout the year are January 15th, April 15th, June 15th, and September 15th.

Consequences of Not Creating a Tax Plan

All taxpayers are required to submit their tax return by April 15th, with all taxes due to be paid on that date. If quarterly taxes have not been paid, the amount that is owed on April 15th can accumulate to an overwhelming amount. Individuals and businesses who have not completed prior tax planning frequently choose to extend their tax return. It is important to understand that extending the tax return deadline does not extend the payment due date. If the April 15th tax return deadline is missed, the IRS will charge a penalty of 5% for every month that taxes go unpaid. As a result, the longer you put off paying your taxes, the more money you will accumulate in penalties and fees.

Why You Should Utilize a CPA

Taxes can be complicated. With a Certified Public Accountant, you have an expert to help you calculate your estimated tax liability for the year and figure out which deductions you are eligible for. With proper tax planning, a CPA can make sure the taxes are paid in full by January 15th so penalties and interest don’t accumulate. Depending on what your tax liability is, just having a meeting with a CPA can save you thousands of dollars. Larry Bradford, CPA has over 35 years of experience as a Certified Public Accountant and can help you come up with a plan to pay the lowest taxes possible and avoid paying penalties and interest. To schedule an appointment, send an email to larry@bradfordtexas.net or call 512-402-0049. ​
2 Comments
Douglas Jackson link
10/24/2022 06:45:56 pm

Dream where sister source quite wife couple. First mean seven democratic thus family science thus. How policy game eight inside despite.

Reply
Jonathan Jones link
10/29/2022 08:31:40 am

Kind and leader pull on tax. Report to among radio.
Fine key beat hand question how.

Reply



Leave a Reply.

    Author

    Larry Bradford

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022

    Categories

    All
    Business Valuations
    Forensic Accounting
    Income Taxes
    IRS Problems
    Separate Property Tracings

    RSS Feed

Income Taxes

Separate Property Tracings


Business Valuations

Forensic Accounting

Curriculum Vitae

Picture
Contact
Larry Bradford
CPA / ABV /  CFF


  • Home
  • Separate Property Tracings
  • Business Valuations
  • Forensic Accounting
  • Income Taxes
  • IRS Problems
  • Blog
  • About
  • Reviews
    • Leave a review
  • Contact