Welcome to the July 2024 edition of the Sapphire Tax Notary newsletter! As we leave tax season behind and settle in with tax planning, it’s an excellent time to review your tax situation and make any necessary adjustments to stay on track for 2024. Here’s how to ensure you’re on the right path:
Mid-Year Tax Review
- Review Your Income and Expenses: Look closely at your income and expenses for the first half of the year. Compare them to your projections and adjust your budget and tax planning strategies.
- Adjust Your Withholding: If you’ve experienced significant changes in your income, employment, or personal circumstances, you may need to adjust your tax withholding. Use the IRS Withholding Calculator to determine the correct amount.
- Maximize Retirement Contributions: Ensure you’re on track with your retirement savings goals. Consider increasing contributions to your retirement accounts to maximize tax benefits and secure your financial future.
- Evaluate Estimated Tax Payments: If you make estimated tax payments, review your payments to date and adjust them if necessary to avoid underpayment penalties.
- Take Advantage of Tax Credits: Review available tax credits and ensure you’re taking full advantage of any that apply to your situation, such as education credits, energy-efficient home improvement credits, and more.
- Plan for Major Life Events: Major life events such as marriage, the birth of a child, or purchasing a home can significantly impact your tax situation. Plan to understand and manage these changes.
- Consult a Tax Professional: A mid-year check-in with a tax professional can help you identify opportunities for tax savings and ensure you’re on the right track. Schedule a consultation with us to review your tax strategy.
Exclusive Mid-Year Consultations
To help you stay on track for the rest of the year, contact us today to take advantage of tax planning and tax reduction strategies.
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Thank you for choosing Sapphire Tax Notary as your trusted tax and notary partner. We’re here to support you in achieving your financial goals throughout the year.
Warm regards,
Shemea Broom
Owner, Sapphire Tax Notary
Phone: 205-235-2373
Email: mea@sapphiretaxnotary.com
P.S. Stay tuned for our August issue, where we’ll explore “Back-to-School Tax Tips: Maximizing Education Savings.”