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Excel Tax and Consulting Services

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Income Tax Check Up

Posted on September 9, 2015 at 3:30 PM

Do you ever wonder what certain life events can do to your taxes?  Have you experienced a windfall or infux of income?

Many businesses and farms use their tax professional as a gateway to lower their tax bill before the end of the year.  How do they do that?  They gather all of their current income and deductions for the year as well as "planned and possible" items.  Then their professional can do a mock up of the next year's return and see where they can make the most impact to save tax dollars.

Individual taxpayers can use this same service to their advantage!  If you have experienced a change in employment, had a baby, got married, got divorced, won money in a lottery or casino, had a dependent move out on their own, or purchased a new home now is the time to see your professional about the changes you face on your upcoming taxes.  

Most taxprofessionals will gladly talk to you about your returns, past, present and future.  This gives them an opportunity to share their knowledge with you and to get to know you on a more personal level.  The more you and your tax professional are on the same page about your tax goals, the more you can feel confident going into your tax appointment during tax season.  It helps ease your mind that many of the surprises that can happen during your tax interview may have already be covered in your yearly tax check up!

If your still not sure that a yearly check up is right for you, be sure to call your tax professional if a major life event happens.  There are things your professional can discuss with you that can help your situation without a visit to the office.  Just remember, it is always better to get the new information to your professional in person and as soon as possible to help avoid any backlash from the event!  Your professional can't help if they are not kept in the loop!

Is your tax professional hard to reach during non tax season hours?  If so, you should find a tax professional that has an office that is open past April, is easy to get a hold of even when the office is closed, returns phone calls and emails in a timely matter and keeps their clients up to date on important tax issues either via websites, emails, a company letter or Social Media such as Facebook and Twitter.  The more your learn about your taxes the more prepared you can be when the time comes to file!

Visit Excel Tax and Consulting Services today!

Categories: Taxes, Federal Taxes, State Taxes

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