Why Mid-Year Tax Planning Matters: If you had any life-changing events, or expect one before the end of the year, there is reason to review your finances and do some mid-year tax planning now. Life events include new jobs, second jobs, loss of a job, a new home, unemployment benefits, inheritances, unusual employment bonuses, etc. […]
Why a Mid-Year Review Matters for Rental Property Owners: Rental income and expenses for rental property owners can vary, and tax law changes may affect your deductions or reporting requirements. A mid-year review helps you maximize deductions and plan for any tax due. Action Steps: Reconcile Rental Income: Ensure all rental income is properly recorded, […]
Why a Mid-Year Review Matters: Stock-based compensation events—such as vesting of restricted stock units (RSUs), exercising stock options, or selling shares—can create significant and sometimes unexpected tax liabilities. Proactive planning can help avoid surprises, save taxes, avoid penalties, and help build your wealth. Action Steps: Review Upcoming Vesting and Exercise Dates: Identify any RSUs, stock […]
Why a Mid Year Review Matters: For many business owners that take paychecks, withholding is not enough to cover estimated taxes that come with business profits. For sole proprietors, this is especially true. As a result it is important to review your projected income and think about tax planning throughout the year. The IRS requires […]
