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However, it is never too early to think about future tax filings. They will not get any easier going forward. The combination of past tax policy changes, sunset provisions on many of those changes, special pandemic tax rules and the guarantee of new rules from the Biden administration will make future tax preparation just as challenging as it has been this year. After the last two years and the election, people need to think about a long-term taxable income plan and what it will look like over the next five years, Reitmeyer said.
The range of considerations is vast.
One of the first things CPA Ed Zollars of Thomas Zollars & Lynch considers for non-business owner clients is whether they itemized deductions on their last return. If they didn t, Zollars then determines how close they were to doing so.