As we enter the final quarter of the year, many of us are already thinking forward to tax time. Now is the time to look at your full financial picture while there is still time to make financial decisions that will impact your tax burden.

It is important to contact a professional to complete your tax projection, so you know where you stand for the current tax year. A tax projection is like a tax return.  It uses your current income and expenses to project your taxable income for the entire year and allows you to estimate your tax due.

A tax projection requires that an individual or business bring together all of the documents that are regularly included on a tax return, which generally include:

• Current paystub showing salary, withholdings, and retirement contributions.
• Estimated business income and/or year-to-date financial statements from sole proprietorships, partnerships, corporations, and rental properties.
• Gains/losses on sales of stock, business interests, tangible business property, and/or rental real estate transactions.
• Anything else included on last year’s tax return that applies again this year.
• Changes, if any, to your finances that may have occurred since your previous tax return was filed.