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Mid-Year Tax Planning Checklist

Article Highlights:

  • Mid-Year Planning

  • Avoiding Unpleasant Surprises

  • Events That Have Tax Consequences

Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take steps to mitigate their impact and avoid unpleasant surprises after it is too late to address them. Here are some events that can trigger tax consequences. Did you (or are you going to):

  • Get Married, Divorced,or Become Widowed?

  • Change Jobs or Has Your Spouse Started Working?

  • Have a Substantial Increase or Decrease in Income?

  • Have a Substantial Gain from Selling Stocks or Bonds?

  • Buy or Sell a Rental?

  • Start, Acquire, or Sell a Business?

  • Buy or Sell a Home?

  • Retire This Year?

  • Reach Age 73 This Year?

  • Refinance Your Home or Take Out a Second Home Mortgage This Year?

  • Receive a SubstantialInheritanceThis Year?

  • Take Advantage of Tax-Beneficial Retirement Savings?

  • Make Any Significant Equipment Purchases for Your Business?

  • Purchase a New Business Vehicle and Dispose of the Old One?

  • Adequately Document Your Cash and Non-Cash Charitable Contributions?

  • Keep Up with Your Self-Employed Estimated Tax Payments?

  • Make Any Unplanned Withdrawals from an IRA or Pension Plan?

  • Make Energy Saving Improvements to Your Existing Home?

  • Add a Solar Electric System to Your Home or Purchase an Electric Vehicle?

  • Hire Veterans or Other Individuals in Your Business Who May Qualify for the Work Opportunity Tax Credit?

  • Trade in, Mine, Sell, or Receive Cryptocurrency?

  • Incur Expenses Adopting a Child?

  • Start Receiving Social Security Benefits?

  • Exercise an Employee Stock Option?

  • Start Using a Part of Your Home for Business This Year?

  • Exchange Real Properties Used in Your Trade or Business or Held for Investment?

  • Start a Retirement Plan in Your Self-Employment Business?

  • Make Gifts of Over $17,000 to Any One Individual This Year?

Of course, these are not the only issues that have tax consequences.

If you anticipate or have already encountered any of the above events or conditions, it may be appropriate to consult with this office—preferably before the event—and definitely before the end of the year.

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More About Us

Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)


Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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