Many financial planners say it's time to think about next year's income taxes.
You may have no desire to go through that torture again until next spring. But there is a method behind their madness that could save you tax dollars in the long run. One reason it's wise to start thinking about next year's taxes now is that many tax strategies and adjustments require time to carry out. This means you overpaid your taxes throughout the year, and the government got to keep your money as a tax-free loan. Some people view this as forced savings, but generally it's better to invest or put the money in the bank.