Columbus Day is a federal holiday here in the United States. It’s also celebrated in many countries in central and south America and also the Caribbean. In 2020, it’s observed here in the US on October 12 and can serve as a useful reminder of the time to file your taxes if you requested an extension. If you filed an extension, October 15 is the deadline to finally file your return.
This is also a great time to begin thinking about planning for taxes for the next year. Whether is a home office deduction, employing a family member in your business or other issues, many of the tax options we can take advantage of take some planning.
According to the Tax Freedom Foundation, in 2019 you worked 116 days to pay your taxes. The means you didn’t start working for yourself until April 16. Americans will collectively about the same on taxes in as they did on food, clothing, and housing combined.
Spending a little time planning for your taxes can pay huge dividends. Good tax planning saves you money—money that improves your business, personal, and recreational activities.