Mid Year Tax Check Up

9 Jul

By: Marie Milo

NASW Ohio Chapter Office Manager

July or August are good months to meet with your tax preparer/tax advisor. You should bring your most current pay stub which shows how much federal, state and local taxes have been withheld year to date. If you owed taxes last year you might want to have more taxes withheld from your paycheck this year. If you are self employed social worker with a private practice it is especially important to let your tax advisor know what your quarterly tax payments have been. The IRS imposes penalties on non-submission of quarterly payments. They also impose penalties on under payments of quarterlys. If you are planning on purchasing a house you should consult with your advisor to make sure you can take full advantage of tax credits for first time home owners. I know of someone who missed out on a nine thousand dollar credit because she purchased her home one month prior to the effective date of the credit The middle of the year is a good time to review your tax savings strategy so that there aren’t any unpleasant financial surprises when April 15th roles around.

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