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Mid-Year Tax Planning for Individuals

1040taxplanningAs we approach the mid-year mark for 2011, have you considered reviewing your current tax situation?  Taking into account all of the events of the past six months, such as getting married, having a baby, or even losing a loved one can have dramatic effects on your year-end tax situation.  Life changing events can cause your potential tax liability to either increase, or decrease, depending on the variables involved.  Having a reputable tax professional review your tax situation throughout the year can help prevent end of the year surprises and keep you ahead of the game as far as taxes are concerned.

 

Taking the time to sit down with your tax professional can really improve your overall tax strategy as well.  You can consider the tax implications of contributing to an IRA, donating unused household items to increase your charitable contribution write-off, or other tax deductions or tax credits.

 

Make an appointment today to consult with your trusted tax advisor so you can feel confident heading into the second half of the individual tax year.  It just may make the difference between you breaking even or owing a large amount of money to the IRS at year end.