Procrastination May Cost You Tax Savings

Tax filing season is over (for most of us).  So, why even think about them?  Because you are taxed all 365 days of the year.  366 in a leap year!  You may only settle up with the IRS once a year, but taxes are assessed on you every day!  Gas taxes, sales taxes, property taxes, income taxes, payroll taxes, snack taxes, even milk taxes, and more.  All day, every day, like breathing.  Wow.  Ok, so what’s the point?  Usually, income tax is the largest tax you will pay.  And, unlike the others, it’s generally the only one you can actually control and change by planning ahead.  It’s already May, so you are almost at the 6 month mark for the year.  If you want better results when you settle up with the IRS next Spring, you need to first understand what you can do to change your tax outcomes this year, then take action.  Do paperwork.  Perhaps call people.  Then you might have a path to change in place by say July 1st.  That means only half the taxes you could have saved will get saved in 2019.  That’s if you start right now!  Procrastinate on planning a vacation or mowing the lawn.  Put off making your next hair cut appointment.  But get yourself to a tax planner ASAP!  It could help pay for that delayed vacation and haircut, or allow you to pay someone to mow your lawn.