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Tax planning: Not just for tax season

All kinds of critical tax issues can come up for a person during tax season. However, that season does not have a monopoly on such issues. There are plenty of significant tax issues that the months outside of tax season can see.

For example, a recent article on the website of USA Today went over some of the important tax decisions that can come up for taxpayers around the mid-year point. These include decisions related to:

  • Adjustments to withholding.
  • Estimated tax payments for the self-employed.
  • Estimated tax payments for those with large amounts of investment income.
  • Retirement account actions.
  • Flexible spending account spend-down.

The choices a taxpayer makes when it comes to these decisions, or decisions related to other tax issues that come up for them outside of the traditional tax season, can have major impacts. It could affect what sorts of tax or financial benefits they could have access to moving forward. It could also have impacts on their likelihood of facing tax penalties in the future.

So, just as is the case with issues that arise during the tax season, careful tax planning can be important when it comes to tax issues and decisions that come up for a person at other times of the year. What sorts of tax planning a person pursues outside of tax season could have major implications for their overall tax goals. So, when tax issues and decisions come up, whatever time of year it is, a taxpayer may want to seek out help and guidance with the issues from lawyers experienced in tax planning and preparation.

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