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TAX TIPS TUESDAY: Time for your mid-year checkup

By Rosalyn Partin, Manchester H&R Block

With over half of 2021 behind us, now’s the perfect time for tax planning.

All too often taxpayers wait until time to file their taxes to think about the outcome, and many times they are met with unwanted results. Having half the year to review and about half the year to forecast, taxpayers can have a good idea of how the year is shaping up and also have enough time to make changes that could make tax filing less painful. Tracking possible tax benefits, estimating income, evaluating withholding, updating financial and household information with IRS and the health insurance marketplace can help maximize your tax outcome when you file next year.

What are some events that might affect your tax return and make planning ahead a great idea?

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  • Has your marital status changed this year?
  • Have you added any dependents or have any of your dependents moved out of your house and are now on their own?
  • Did you retire or withdraw money from your retirement account?
  • Did you change jobs or add a part-time job?
  • Has your income increased or decreased substantially?
  • Did you start a business, farm, or buy or sell rental property?

Consider scheduling an appointment for a mid-year check-up, especially if you have had any of these life changes. Planning ahead can take the stress out of tax time.

If you have questions and would like help from the Tax Professionals at H&R Block, please call your local H&R Block office. In Manchester TN call 931-728-9462. H&R Block Has Your Back!

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