(607NewsNow) — As we move further into the new year, February is the month where detailed tax planning really pays off. Both businesses and individuals can maximize their tax savings by being proactive now. At Sprague & Jackson, we believe the more planning you do, the better your tax results will be. This month’s tips will help guide you through key areas to focus on, so you can stay ahead of the game.

1. Thinking about a new vehicle? Check for tax credits first:

Before you purchase that shiny new car, consider how it could impact your taxes. Depending on the vehicle, you may be eligible for federal tax credits.

Whether you’re looking into electric or hybrid vehicles, the potential savings could be substantial. Consulting with a tax expert at Sprague & Jackson before making your purchase ensures you understand which vehicles qualify and how to maximize your tax return.

2. Submit your tax paperwork early:

One common mistake people make is waiting until they have every single document before submitting their taxes. Instead, get your paperwork in as soon as possible! Even if you’re missing a few pieces, submitting early puts you in the queue, and your tax expert can follow up on any missing details. By acting fast, you avoid the last-minute rush and gain peace of mind that your return is being processed efficiently.

3. Business owners: Submit your info by February 15th:

For business owners, February is a critical month for tax preparation. If you operate a business with a March 15th tax return deadline, make sure to submit all your tax documents by February 15th. This ensures there’s ample time to review everything and address any issues before the deadline hits. Have your financial records ready post-December 31st to make the process as seamless as possible.

4. Don’t forget about 1099s:

If you’re paying contractors or freelancers, now’s the time to prepare and send out your 1099 forms. At Sprague & Jackson, we handle 1099 preparation for you, ensuring compliance with IRS regulations. Whether you’re the payer or the recipient of a 1099, we’re here to help guide you through this critical process.

5. Landlords: Stay informed about tax rules and laws:

As a landlord, tax laws affecting property income can be tricky. February is a great time to start planning and ensure you are in compliance with the latest tax rules and regulations. From deductions for repairs to depreciation on your rental property, there are plenty of ways to save, but it’s important to stay informed. Our team at Sprague & Jackson helps landlords navigate these complexities.

6. Sales tax due in March:

Don’t forget that sales tax filings for many businesses are due in March. Be sure to gather all your sales tax figures now, so you’re prepared to file on time. Missing this deadline could result in penalties, which you definitely want to avoid!

The bottom line:

February is a critical month for laying the groundwork for a successful tax season. Whether you’re a business owner, landlord, or individual taxpayer, proper planning can make all the difference. Sprague & Jackson is here to help you every step of the way. From maximizing vehicle tax credits to preparing 1099s, we’re your go-to resource for expert tax advice.

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!