Convert a completed return into three tax-planning adjustments for the current year.
The refund or balance due is not the lesson. The changed control is the lesson. Plan: Translate last year into assumptions Start with the return, but do not stay there. Pull out the drivers that can move this year: wages, bonuses, self-employment income, investment sales, retirement contributions, itemized deductions, credits, and state taxes. A tax plan is not a prediction that must be perfect. It is a model that says, "If these drivers move, this is what we will change." Do: Make the smallest real control change The control may be a W-4 update, a calendar hold for estimated tax,…
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