900 N. Kings Highway, Cherry Hill, New Jersey 08034
856.667.4100 · 215.563.0276 · Fax: 856.667.3652

Tax Tip of the Week
For the week of
Novmber 03, 2003

Sneak a peek at your 2003 tax bill

This is the perfect time of year to take an advance look at your 2003 tax bill. By now you should have a pretty good handle on your likely earnings and tax deductions for the year. Yet there are still a couple of months left to make adjustments if you find you're heading for an underpayment penalty or looking at a bigger refund than you expected.

Another reason to focus early on taxes is this year's legislation passed in May. It was far-reaching in its impact. Not only did it cut tax rates in general, but it changed the taxes on some types of income far more than others. As one example, many people will now pay much lower taxes on dividends than on interest income. Everyone will be affected differently, depending on their particular financial situation. So if you haven't already reviewed your tax and financial strategies, you should set aside some time for tax planning as soon as possible.

To speed the review process, pull out your most recent pay stub. That should help you predict your 2003 earnings and tax withholding. If you're self-employed, gather your most recent data on income and estimated tax payments. If you itemize deductions, pull together information on mortgage payments, charitable contributions, and real estate taxes.

Taking the time for a review now could save you an unpleasant surprise next year. And who knows, you might find ways to cut a few more dollars out of this year's tax bill.

Prior Tax TipsClick here to view previous tax tips.

"Tax Tips" are published weekly to provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders, and current tax information.

The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax-cutting information from time to time, please contact our office. We're here to help.

Home

 
  untitled

This site designed and maintained by the Information Technology experts at Alloy, Silverstein, Shapiro, Adams, Mulford, Cicalese, Wilson & Co.

We appreciate comments concerning our website. Contact our webmaster .