Six Tax Tips You Should Start Thinking About Now

A sign outside the Internal Revenue Service building is photographed May 4, 2021, in Washington. AP/Patrick SemanskyNow that tax season is over, you’re probably tempted not to think about taxes again until next year. That could be a costly mistake. Asking the right questions throughout the year could help you financially when next tax season arrives. In the long run, this could have a substantial impact on your wealth.Here are six common ways taxpayers get off track and the questions they should ask themselves during the tax year. Don’t Assume the Answer Is the Same as Last YearTaxpayers often default to “same as last year” thinking. But tax outcomes depend on variables that shift constantly, like income, markets, tax laws, interest rates, and personal circumstances.