Nov 22, 2022
For most, the holiday season can be one of the most exciting times of the year. It’s a time to celebrate with family, honor traditions, and reflect on the year that’s coming to an end. That being said, this time of year also tends to be very busy and sometimes stressful. Dealing with your taxes on top of everything else can be extremely daunting. Putting your taxes on the back burner to deal with after the New Year to lighten the burden during this stressful time can be very tempting. However, doing so only leads to more stress in the future and the nagging feeling that something is not being tended to… this can put a real damper on your holiday spirit!
Below you’ll find some recommendations for simple steps you can take now to give yourself some peace of mind about your taxes going into the holiday season:
Did you know that you can schedule future tax payments to process weeks in the future? And did you know that you can make tax payments earlier than their due date??? If you know certain payments are required between now and the end of the year, you can go to the IRS’ website and schedule future payments to be automatically drafted from your account. To eliminate the worry of remembering to submit your tax payments during the busy holiday season or having sufficient funds available, schedule the payments to process sooner rather than later.
If you hope to take advantage of maximum retirement account contributions, or tax-deductible charitable contributions, submit them now. If you’ve already submitted charitable contributions to qualified organizations, make a list of those organizations so you can easily contact them after the new year for proof of payments if you were not provided confirmation upon submission of contributions. And if it will benefit you to submit another payment, there’s no time like the present! (As an added bonus for the organization, check with your employer to see if they will match your donation; or if you own a business, consider implementing this policy!)
Whether you’re self-employed, own a business, or are simply an employee with Schedule A deductions on your tax return, now is a great time to start pulling together your records for the year. It is best to compile all 2022 records in one location to be easily accessible when tax season begins. Doing so now will not only save you time later but will also allow you to go into the holidays with a better idea of where you stand financially.
Now is the perfect time to begin any adjustments to payroll, be it withholding, retirement contribution, or requesting additional taxes to be withheld. If you are a business owner, now is the time to ensure all employees are designated appropriately, with all payroll deductions correctly notated. Should your business utilize a payroll provider, it is best to reach out to them sooner rather than later to ensure they have all the necessary information and documentation to wrap up the tax year. Starting the new year off with all adjustments in place will cause fewer headaches for you in 2023.
“Yesterday” is always the best time to have begun the process of resolving your tax debt, but hindsight is always 20/20. Although the very thought of speaking with the taxing authorities can be a significant stressor, having the peace of mind that you have started being proactive about the looming issue will bring immediate relief. If the notion of addressing the problem makes you break out in a sweat, have no fear… hiring a tax debt resolution team will still let you be proactive yet allow someone else to deal with the difficult conversations on your behalf.
I meet with a lot of taxpayers who try to take care of their taxes without the help of a professional to try and save money. I understand wanting to avoid paying a fee for something you feel you can handle yourself. However, you should be realistic about both the time and knowledge needed to adequately handle your situation. Whether it be bookkeeping, tax return preparation, tax planning, or tax debt resolution, seeking assistance from a professional can save you both valuable time and money. In fact, the money you can save from enlisting the help of a professional can even outweigh the cost of their services!
By taking the steps outlined above, we hope that you will be able to focus on the most important part of the holiday season –your family and your loved ones – without feeling like you’ll come out of the season with a mountain of paperwork, missed tax payments, and more stress. At Golden Lion, we are here to help. Call us today to start implementing a plan that will relieve you of the stress you feel surrounding your tax situation. Our team of tax professionals will be happy to help put together a plan to put you on the path to focus on the things that matter most this holiday season!
Trust. Protection. Wisdom.
Your future and your family deserve the right protection. Golden Lion Tax Solutions will be your advisor and confidant throughout the entire journey. We guarantee to offer you or your business best-case solutions for your tax debt. We are by your side every step of the way. Start now and get your life back.
For help with your tax debts, email email@example.com or call 833-LION-TAX (833-546-6829)
Disclaimer: There are requirements that must be satisfied in order to qualify for some of the tax solutions we discuss on our website. Not all of our services will be suitable for every client. Golden Lion Tax Solutions is here to help you find the most appropriate solution to fit your situation.