Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call your C.P.A. any time you have a substantial change in taxable income or deductions. By doing so, they can advise you on how to optimize your tax liability, avoid or minimize penalties, estimate and pre-pay required taxes, document deductions, and examine and explore tax options.
Important Times to Seek Assistance from a C.P.A.:
- Receive a large employee bonus or award;
- Become unemployed;
- Change employment;
- Take an unplanned withdrawal from an IRA or other pension plan;
- Retire or are contemplating retirement;
- Move or otherwise change your address;
- Exercise an employee stock option;
- Have significant stock gains or losses;
- Get married;
- Separate from or divorce your spouse;
- Sell or exchange a property or business;
- Experience the death of a spouse during the year;
- Turn 70½ during the year;
- Increase your family size through birth or adoption of a child;
- Start a business or acquire a rental property;
- Receive a substantial lawsuit settlement or award;
- Get lucky at a casino, lotto, or game show and receive a W-2G;
- Plan to donate property worth $5,000 ($500 if a vehicle) or more to a charity, or
- Plan to gift more than $14,000 to any one individual during the year.
In addition, you should contact your C.P.A. whenever you receive a notice from the government related to your tax return. If you have questions or need assistance, contact the experts at Henssler Financial:
- Experts Request Form
- Email: experts@henssler.com
- Phone: 770-429-9166
Disclosures: This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
