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Preparing for Tax Time - Questions You Should Ask

It may seem early to you now to start thinking about tax season but it really helps to be prepared. We believe that comprehensive financial planning entails integration of estate, retirement, insurance, business succession and income tax planning. Therefore we proactively work closely with our clients’ tax advisors.

Do you need help looking at financial planning strategies to reduce taxes? Here are just a few areas that we help our clients’ tax planning:

  1. Consolidation of investment assets
  2. College funding
  3. Deferral of income
  4. Retirement planning
  5. Business owner planning
  6. Trust distribution planning
  7. Social Security benefit strategies
  8. Charitable giving

When you go to visit your tax advisor, here is a list of recommended questions noted in a recent article of Horsemouth that you should ask your CPA:

  1. Will a life event or major purchase affect my taxes?
  2. What will be my tax bracket?
  3. Can you help me estimate my taxable income this year and next?
  4. Do I have any remaining tax loss carryovers?
  5. Am I eligible for a Roth conversion and if so is it recommended?
  6. Should I increase my retirement plan contributions?
  7. What recommendations do you have to reduce my taxes this year and in the future?
  8. Should I change my withholding or quarterly estimated tax payments?
  9. Is there anything my financial advisor can do to help my tax situation?

Contact us to discuss strategies and plans for this tax year and beyond. A lot can change from one year to the next.