Tax Planning

Avoiding Tax Debt in the Future: Tips for Responsible Financial Management

3/6/2024

With tax season in full swing, you might have realized that you owe money to the IRS this year. If you owe taxes and the amount gave you sticker shock, here are some things you can do to minimize your liability in the future.

Understanding why you owe taxes can help you avoid similar situations in the future. Your tax professional can tell you more about your individual circumstances, but taxpayers often receive an IRS bill because they underestimate their tax liability, fail to withhold enough from their paychecks, do not make estimated tax payments on self-employment income, or experience significant life changes without adjusting their tax withholding. For example, getting a higher-paying job, starting a side hustle, or receiving income from investments can all affect your tax situation and may result in owing more taxes than anticipated.

Budget Wisely

One of the most effective ways to avoid tax debt is to budget wisely throughout the year. Keep track of your income and expenses, and set aside money for taxes each month. By budgeting for taxes ahead of time, you can avoid being caught off guard by a large tax bill come April.

Let's say you're a freelancer who earns $50,000 per year. After deducting expenses, you estimate that you'll owe around 25% of your income in taxes. Instead of waiting until tax season to pay your taxes in full, set aside 25% of each paycheck for taxes. This way, you'll have the money you need when it's time to file your tax return. Make sure you account for state taxes, too.

Understand Your Tax Obligations

Talk to your tax professional about your personal tax obligations and how different sources of income are taxed. For example, income from a regular job is typically subject to withholding, while income from freelance work or investments may not be. Knowing how your income is taxed can help you avoid underpayment penalties and unexpected tax bills.

If you start a side business in addition to your regular job, for instance, you may need to make estimated tax payments throughout the year to avoid underpayment penalties.

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Credit: The Good Brigade/GettyImages

Take Advantage of Tax-Advantaged Accounts

Maximize your contributions to tax-advantaged retirement accounts such as 401(k)s and IRAs. Contributions to these accounts can reduce your taxable income and lower your tax bill. Additionally, consider opening a health savings account (HSA) if you're eligible, as contributions to HSAs are tax-deductible and withdrawals are tax-free when used for qualified medical expenses.

Let's say you contribute $5,000 to a traditional IRA over the course of the year. If you're in the 22% tax bracket, this contribution could potentially reduce your tax bill by $1,100 ($5,000 * 22%).

Stay Organized

Keep thorough records of your income and expenses throughout the year. This will make it easier to file your taxes accurately and avoid overlooking any deductible expenses. Consider using accounting software like QuickBooks or working in tandem with your tax preparer to stay organized and ensure that you're taking advantage of all available deductions and credits.

If you're self-employed, it is especially important to keep detailed records of your business expenses, including receipts for purchases and mileage logs for business-related travel. These expenses can generally be deducted from your taxable income, lowering your overall tax liability.

Plan for Taxes Throughout the Year

Make tax planning a year-round activity rather than waiting until tax season to think about your taxes. Review your tax situation periodically and make any necessary adjustments to your withholding or estimated tax payments. This will help you avoid surprises and ensure that you're on track to meet your tax obligations.

At the beginning of each quarter, review your income and expenses for the previous quarter and adjust your estimated tax payments accordingly. If your income has increased or decreased, or if you've had any major life changes, such as getting married or buying a home, you may need to adjust your tax planning accordingly.

small-business-GettyImages-1256742009-2500

Credit: Grace Cary/GettyImages

By following these tips for responsible financial management, you can avoid tax debt in the future and keep your finances on track. Remember, it's never too early to start planning for next year's taxes!

Feature Image Credit: d3sign/Getty Images

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Spencer Wilson

Spencer Wilson, EA is a tax preparer based in Long Beach, CA. Spencer Wilson Financial Management Services has been serving the Greater Los Angeles Area and Orange County since 2004. <br /> We began in the heart of Naples in Long Beach and we continue to work hard offering tax preparation and planning, business accounting and bookkeeping and payroll services . <br /> We have helped many different people and businesses succeed financially and take control over their finances.

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