Waiting until just before year-end to start thinking about your taxes may prove to be a costly mistake. Preparing a draft of your tax return before the end of the year will provide you with a more complete picture of what you are likely to owe, and it may leave you with enough time to reduce your tax liability by contributing to tax-advantaged savings accounts or qualifying for deductions. To get more information on how NorthPoint Financial Planning's Tax Solutions can help you plan ahead, read more from our earlier post here.
Advance tax planning is especially important if your circumstances have changed over the past year due to events such as marriage, divorce, the birth of a child, or the death of a family member.