These are a few things you should do before July 1:
- Check your last pay stub to determine that you've been withholding the proper amount of taxes so far. If you don't know how much that should be contact your tax professional. Ideally, you'll want to only withhold enough to not owe anything next year.
- If you're self employed, make adjustments to your estimated tax payments based upon your year-to-date profit & loss statement. If you're earning significantly more this year, you may need to send in a bit more with your next quarterly payment.
- Create a holiday budget and start saving now! If you're not sure how much to budget, just think about how much you spent last holiday season. Take that number and divide it by the number of paychecks you have remaining until Thanksgiving.
- Evaluate any major life changes. Marriage, divorce, births and deaths can all have a dramatic impact on your tax planning. You may owe more or less depending on your life event and you should try to determine ahead of time how to proceed.