Start Planning Now for Next Year's Tax Return

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Rodriguez Holland & Co., PC wants to remind everyone that it's never too early to start planning for next year.

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Rodriguez Holland & Co., PC wants to remind everyone that now is the best time to start planning for next year’s tax return. With that in mind, they offer six things that can be done now to make next April 15 easier.

1. Adjust withholding number. Why wait another year for a big refund? Now is a good time to review withholding numbers and make adjustments for next year, especially for those who would prefer more money in each paycheck this year. For those who owed at tax time, perhaps they’d like next year's tax payment to be smaller.

2. Store returns in a safe place. Put 2012 tax returns and supporting documents somewhere secure so they can be found easily if or when tax filers receive an IRS notice and need to refer to the return. If it is easy to find, tax filers can also use it as a helpful guide for next year's return.

3. Organize all recordkeeping. Establish a central location where everyone in the household can put tax-related records all year long. Anything from a shoebox to a file cabinet works. Just be consistent to avoid a scramble for misplaced mileage logs or charity receipts come tax time.

4. Review paychecks. Make sure employers are properly withholding and reporting retirement account contributions, health insurance payments, charitable payroll deductions and other items. These payroll adjustments can make a big difference on a tax filer’s bottom line. Fixing an error in a paycheck now gets a tax filer back on track before it becomes a huge hassle.

5. Consult a tax professional early. If planning to use a tax professional to help strategize, plan and make financial decisions throughout the year, then contact Rodriguez Holland & Co., PC now. Tax filers have more time when they are not up against a deadline or anxious for the refund.

6. Prepare to itemize deductions. If expenses typically fall just below the amount to make itemizing advantageous, a bit of planning to bundle deductions into 2013 may pay off. An early or extra mortgage payment, pre-deadline property tax payments, planned donations or strategically paid medical bills could equal some tax savings.

For those who need help with tax planning for 2013, please give Rodriguez Holland & Co., PC a call, 210-822-9950. They can help tax filers prepare an approach that works best for them. Each household's financial circumstances are different so it's important to fully consider specific situations and goals before making large financial decisions.

Feel free to contact Rodriguez Holland & Co., PC any time with questions or concerns. They can help tax filers stay abreast of tax law changes throughout the year--not just at tax time. http://www.cpasat.com

About the company:
Rodriguez Holland & Co., PC provides outstanding accounting services and retirement planning to clients because of their dedication to the three underlying principles of professionalism, responsiveness and quality. The CPA firm was established in 1981 and is highly respected in the community. By combining their expertise, experience and the energy of the staff, each client receives close personal and professional attention. Their high standards, service and specialized staff spell the difference between their outstanding performance and other firms. Rodriguez Holland & Co., PC makes sure that every client is served by the expertise of the whole firm. Visit their website for more information at http://www.cpasat.com.

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Justin Holland
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