ITHACA, NY (607NewsNow) — As we enter the new year, business owners and individuals alike should start planning ahead for tax season. January is the perfect time to call on your trusted tax advisor and create a strong connection that sets you up for success. At Sprague & Jackson, we emphasize personalized tax strategies that not only help you with the current year’s return but also unlock savings and opportunities you might have missed in previous years.

1. Get Your Books in Order:

For businesses, January means getting your books ready. It’s essential to have organized records of your income, expenses, and payroll as you prepare for tax filing. Partnering with Sprague & Jackson gives you an advantage—we offer an all-in-one service that includes bookkeeping, payroll, and sales tax management. When tax time hits, you’ll be ready to file smoothly with all your documents in order.

2. Review and Amend Past Returns:

Did you know that Sprague & Jackson can review and amend your tax returns from the last three years? If your previous filings missed deductions or tax-saving opportunities, we can help you recover potential refunds or adjust prior returns to maximize your savings. Many big box tax agencies simply don’t take this personalized approach—our goal is to ensure that no tax benefit is left on the table.

3. Planning for 4th Quarter and 2025:

Early planning can make a big difference in your tax obligations. If you own a business, we recommend getting a head start on your fourth-quarter estimates, ensuring you won’t face penalties for underpayment. Additionally, it’s never too early to start thinking about 2025. Projecting your income and expenses can help you plan ahead for the next tax year, so you can strategize your spending and investments to maximize deductions.

4. LLCs: Take Advantage of S-Corp Tax Strategies:

If you’re an LLC owner, now is the time to talk to your tax advisor about switching to an S-Corp tax structure. This strategy can help you save money by reducing self-employment taxes. With the right approach, S-Corp status may offer significant tax advantages, especially for business owners with growing profits.

5. Max Out Your SEP:

If you’re self-employed, consider maxing out your SEP (Simplified Employee Pension) contribution. This retirement savings tool allows you to contribute a percentage of your income, which is tax-deductible and can help lower your taxable income for the year. It’s a smart move if you’re looking to minimize your tax bill while boosting your retirement savings.

The Bottom Line:

At Sprague & Jackson, we believe in creating meaningful connections with our clients. From reviewing past returns to providing personalized tax strategies for the future, we’re here to guide you through every step of the process. Don’t settle for cookie-cutter solutions—partner with us for tailored tax advice that helps you save more.

For a more personalized tax consultation, reach out today to Sprague & Jackson. You can give us a call or visit www.sprjac.com for more information!