By Maura Schauss, CFP®
Summer is sailing along, and you’re catching up on your to-do list. As you browse through your list, there’s one item that catches your eye: Get on Top of Taxes. It’s a dreaded to-do item that seems to occur every single year. If you feel like you’re always hit with a tax bill, it may be because of one of these four reasons:
- You’re not withholding enough from your paycheck.
- You have extra income that isn’t subject to tax withholdings (rental and portfolio income.)
- You’re not making quarterly estimated tax payments.
- There are changes in your tax return (such as no longer having dependents.)
Thankfully, there are certain things you can do to correct these problems. Continue reading to find out some quick and relatively easy steps you can still take now to minimize the amount of taxes you’ll owe next year.