Hi,
Most people start their taxes in March or April, when everyone else does. That’s when the stress, the rush, and the mistakes happen. Without proper planning, many people leave thousands of dollars on the table in missed deductions, and risk penalties of up to 5% of their unpaid tax per month. On a $20,000 balance, that’s up to $5,000 in penalties alone.
Starting early is worth it if any of these apply to you:
- Your income changed this year, whether from a raise, a bonus, overtime, or business income
- You sold stocks, crypto, or property and aren’t sure what you’ll owe on the gain
- You’ve filed late, extended last-minute, or paid a penalty before
Here’s where our clients typically save:
- Higher SALT deduction: up to $4,800+ – you can now deduct up to $40,400 in state and local taxes, up from $10,000. A New York homeowner paying $25,000 could save about $4,800
- Self-employed? Form an S-corp: $10,000+ a year – if you’re a freelancer, consultant, or single-member LLC earning $150,000, switching to an S-corp could cut your self-employment tax by $10,000 or more every year. Setting it up now means you save starting January 1
- New senior deduction: about $2,640 per couple – if you’re 65 or older, you get an extra $6,000 deduction per person
- No tax on overtime: about $2,200 – deduct up to $12,500 of overtime pay ($25,000 if married). $10,000 of overtime saves about $2,200
- No tax on tips: up to $5,500 – deduct up to $25,000 of qualified tips
- Car loan interest: up to $2,200 – interest on a new, U.S.-assembled car is now deductible, up to $10,000 a year
- Investment losses: $3,000 or more – selling losing investments before December 31 can cancel out the tax on your gains. Offsetting a $20,000 gain saves about $3,000
Most of these only work if they’re planned before the year ends, and some phase out at higher incomes.
Here’s how it works:
- We mock up your 2026 return now, using your latest pay stub, projected earnings, or capital gains
- You see your expected balance due or refund early, plus every way to lower it before December 31
- Your return is ready to file as soon as filing season opens, or we file your extension early
The catch is that a rushed return is rarely the lowest-tax return. When everything happens at the last minute, there’s no time to plan or catch what’s missing. That’s why starting early gives you:
- Real tax savings, often worth thousands of dollars
- Estimated payment guidance, so you avoid IRS penalties
- Personal and business tax returns prepared by the same team that did your planning
Reply to this email by Thursday, November 12, and we’ll get you queued up and start on your 2026 mock-up right away. Please include your latest pay stub and a note on any investments or property you sold this year, so we can get you real numbers fast.
Need anything else? We’re happy to set up a free 15-minute call with your senior accountant to go over the process and next steps. Just let us know in your reply.
Sincerely,
—
George Dimov, CPA
Licensed and Insured
(833) 829-1120 toll free
(212) 994-8081 Fax
www.dimovtax.com