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I was reviewing the IRS publication on year-round tax planning. I kept thinking about the word “everyone.” When most people hear the words “tax planning” they picture someone with a good size business or a complicated investment portfolio. But someone with only a paycheck, a side business, or a change in their life can give you a lot to plan for.
This matters because most of us already have enough competing for our attention these days. Unfortunately taxes can slip down the list until a W2 or K1 arrives in January or your tax professional asks whether you’re ready to file your taxes this year.
Let’s look at a few ways to give taxes the attention they need throughout the year. You do not need to spend every weekend studying tax rules. Although it seems like some of us in the tax profession do. A regular tax review can help you protect your cash flow. Keep your records up to date, and make better decisions.
How Year Round Tax Planning Can Help You Avoid Surprise Bills and Keep More of Your Money
“Planning is bringing the future into the present so that you can do something about it now.”
— Alan Lakein, How to Get Control of Your Time and Your Life (1973).
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Your tax return tells the story
Tax preparation reports what happened financially. Tax planning gives you time to consider decisions while you can still make changes.
For instance a plumber who made more money during the summer than expected. The extra profit is a welcome change. Continuing to make estimated payments based on an outdated forecast could leave a larger balance due and maybe penalties at year end. Reviewing the numbers during the year gives the owner time to update their tax plan, the projection, and budget for any changes.
The same thing applies to a household. A second job or a change in family circumstances is a reason to revisit your tax plan. The IRS Publication 5349, (YEAR-ROUND TAX PLANNING IS FOR EVERYONE) offers a useful starting point.
What are you paying for?
Federal income tax generally works on a pay-as-you-go basis. Employees usually pay through withholding. Self-employed people and others with income that is not covered by sufficient withholding may need estimated payments.
For employees and retirees, the IRS Tax Withholding Estimator can help check whether withholding fits the current situation. Have recent pay statements and your last return available. If an adjustment is needed for wages, have your employer help you with submitting an updated Form W-4.
For individuals, estimated payments are generally required when you expect to owe at least $1,000 after withholding and refundable credits, and those prepayments fall short of the applicable threshold. To protect yourself from penalties, pay 90% of your estimated current-year taxes or 100% of your prior-year taxes. The prior-year percentage generally rises to 110% when prior-year adjusted gross income exceeds $150,000, or $75,000 if married filing separately. Additional conditions may apply.
Those rules address underpayment penalties. They do not guarantee that nothing will be due at when you file. Payment timing matters. Review the IRS estimated tax guidance before assuming one late payment solves the problem.
Practical tip one Schedule a tax checkup
Put a 30-minute review on your calendar each quarter. Gather income totals, business expenses, tax payments, and any major changes since your last review. Write down questions before meeting with your tax professional.
For a small business, start with bookkeeping that is current enough to use. A bank balance alone does not tell you how much taxable profit you earned or how much cash you can safely spend.
For example, if your projection suggests another $2,400 will be due at filing, you can discuss payment requirements now and plan how to fund the balance. That is much easier than discovering the shortage when the return is finished.
Practical tip two Keep records as you go
Create one secure folder for the tax year, with sections for income, expenses, tax payments, and supporting documents. Save receipts when purchases happen and reconcile business accounts monthly.
The IRS says that good business records help track deductible expenses and support what appears on a return. Your system can be simple, but it needs to show what happened.
A construction contractor buying supplies should keep the receipt and note the related job. Months later, a bank statement showing only a store name may leave unanswered questions. Clear records make the review faster and help prevent eligible expenses from being overlooked.
Two mistakes that can make planning expensive
The first is buying something mainly because someone calls it a write-off. A deduction reduces taxable income. It does not reimburse the purchase. In a simplified example, a fully deductible $1,000 expense at a 22% marginal federal income tax rate saves $220 of income tax. You still spent $780 after that saving. Actual results depend on unique circumstances.
The second is assuming a retirement contribution automatically creates a deduction. Traditional IRA contributions may be deductible, subject to applicable limits and eligibility rules. Roth IRA contributions are not deductible. Check the IRS IRA guidance before counting on the benefit.
Ask whether a purchase or contribution fits your finances first. Then confirm its tax treatment and deadline. A tax benefit should support a sensible decision.
Start with one manageable change
You do not need a perfect system today. Schedule your first checkup, organize this month’s records, or review your withholding. Each step gives you better information for the next decision. A little attention now can make the next filing season feel much more manageable.
Let us help you plan ahead
If you would like help understanding how your income, bookkeeping, and tax payments fit together, The Smith Advisory can help you identify what deserves attention before filing season. Feel free to contact us at [email protected]. We can review your situation and help you build a practical plan for fewer surprises and better financial decisions.
Disclaimer
This article provides general educational information about federal taxes and is not individualized tax, legal, or investment advice. Eligibility, deadlines, and tax results depend on your circumstances and applicable law. Consult a qualified professional before acting. State and local rules may differ.
Related IRS resources
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