I’m personally excited to welcome John Kruk back into the Phillies broadcast booth this season. He famously told a woman who questioned his conditioning while he was drinking beer and smoking cigarettes, “I ain’t an athlete, lady, I’m a baseball player.” I still play baseball to this day and I can relate to that quip. The beginning of baseball brings an end to another season that happens every year. Unless you filed an extension, the 2016 tax season is behind us. Now can be a great time to look ahead.
Did you receive a refund or owe money this year? A lot of times we focus on compiling all our documents to get our taxes done so we can move on. If you take a moment to review your return, it can tell you some worthwhile information and give you the luxury of more than half a year to potentially make 2017 more favorable based on what you learn. If you owed money, are there ways that you can shelter more income in retirement accounts, contribute more to your favorite charities, take advantage of certain credits, find other deductions, or adjust your payroll withholding amounts? If you’re getting a substantial refund, are there ways that you can keep more dollars in your pocket throughout the year?
Working with a CPA or tax preparer who can help you with some strategies or suggestions can help your overall financial position. The Phillies assess their team after every season to see where they need help in the draft and free agency and similarly you can act like your own financial General Manager. Just like the Krukker didn’t refer to himself as an athlete, you might not consider yourself a tax expert. If that good ole boy from West Virginia could be a .300 lifetime hitter, a little reflection could go a long way to help you get ready for next tax season!