Steps to Start Your Tax Planning for Next Year

Review This Year’s Return
Take a look at this year’s return and identify any areas where you may have missed deductions or tax-saving opportunities. Understanding what worked (and what didn’t) can help you plan better for the upcoming year.

Set Financial Goals
Consider what you want to achieve financially in the coming year. Are you planning to invest in a property, start a business, or contribute more to retirement? Your tax strategy should align with your financial goals.

Work with a Tax Professional
A tax advisor can help identify strategies and opportunities you may not be aware of, from tax-efficient investments to timing your charitable contributions. At Brookfield Financial, we tailor tax planning strategies to your specific financial situation and goals.

Track and Organize Financial Records
Maintain detailed records of income, expenses, and receipts throughout the year. Being organized saves time and makes it easier to identify deductions when it’s time to file.

Adjust Estimated Tax Payments
If you’re self-employed or have other non-W-2 income, ensure your estimated tax payments are on track to avoid penalties. A tax professional can help calculate and adjust these payments based on your earnings.