Thursday, August 12, 2021

Planning Ahead: Five Off-Season Tax Tips

 

This season, you're likely looking forward to spending time with friends and family, but don't forget about tax season! You might be thinking that this year will be just like any other when it comes to taxes, but there are some things you can do now to make the process easier come April.

Tax time can feel like an annual burden, but you can make it as painless as possible with the proper steps and tips.

1. Start Organizing

Make sure all of your necessary documents are organized and accessible so they will be easy to find when it comes time to file. Now is the perfect time to take out all of your paperwork and organize it by type, such as:
  • Banking statements
  • Utility bills
  • Credit card statements
  • Etc.

2. Start Saving Now

Consider keeping some money in savings to cover potential emergency expenses and unexpected costs during the next few months or even years. It can never hurt to save up a little bit extra, and it might help ease a lot of stress off of your life the closer tax season gets.
 

3. Check Your Credit Card Reports Now

We encourage you to check your credit reports annually! If there are any errors, correct them immediately so that they don't end up affecting your taxes. And, obviously, the best time to do so is before tax season approaches— so now is a perfect time!
 

4. Track Your Spending Habits

You might not think this is necessary because it's summertime and everyone is enjoying themselves, but to be prepared for next year's taxes, we recommend that you track what you spend throughout the summer months! This is so that when fall rolls around, and it's time to file your taxes, you have all of your bearings in order— something you'll thank yourself for in the future.
 

5. Know When To Reach Out For Help

An important thing to remember both during tax season and during the off-season is that you are never alone. Whether you need financial guidance or a way to lower your taxes, there are professionals that can help. And luckily for you, we're experts in helping homeowners, like you, lower their property taxes!
 

Contact Us For Property Tax Reduction on Long Island

Here at P.T.R.C., Inc., we are determined to help our clients pay the lowest amount of property tax as required by law. Contact us today to see how we can help you: info@ptrc.com


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