Winter this year seemed to hold on extra hard, then we had a month of torrential rain, and just as the weather is getting nice, it’s already time for the State Fair.
This also means that corporate, partnership, trust and estate tax returns that are on extension are due in a mere three weeks. If you’ve not gotten started putting that information together, now is the time to start.
As fall approaches, this is also a good time to consider tax planning for the year. With more than half the year passed, projections now can provide great insight both into how your taxes will look come next April, as well as reveal tax saving possibilities with time to get them implemented.
Lastly, if you have kids going off to college this fall, know that there can be some great tax breaks to dull the pain of college expenses. Keep your receipts for required books and fees, and those, along with a 1098-T that the college will send in January, will allow your CPA to get the most out of education tax savings.