As summer winds down and the school year approaches, many people focus on back-to-school prep or wrapping up vacation plans. But August is also an important month for tax planning that often gets overlooked.
Whether you’re a wage earner, freelancer, or small business owner, there are key deadlines and financial tasks that can help you avoid surprises come tax season.
Estimated Tax Payments Due
If you’re self-employed or have other non-wage income, the third quarterly estimated tax payment is typically due in mid-September. August is the perfect time to review your earnings and expenses so you can prepare this payment early and avoid last-minute stress.
Review Your Withholding
For wage earners, now is a good time to check your tax withholding. Life changes like a new job, a raise, or a change in family status can impact how much tax is taken out of your paycheck. Use the IRS’s Tax Withholding Estimator online to make sure you’re on track.
Plan for Upcoming Life Events
Are you expecting a big life change this fall—buying a home, having a child, or starting a business? Preparing your finances and understanding potential tax impacts now can save headaches later.
Organize Your Records
August is a great month to gather and organize your financial documents, receipts, and records from the first half of the year. Good recordkeeping makes filing taxes easier and reduces the risk of missing deductions.
Bottom line:
August isn’t just about back-to-school and summer’s end—it’s a crucial time to get your tax planning on track.
Need help organizing your finances or estimating your taxes? We’re here for you.
Call (678) 675-4268 or schedule a consultation online:
https://ilovedoingtaxes.net/schedule-now/
