Now that the major tax rush is over most individuals won’t see or speak with their tax accountant until they are ready to prepare their 2015 tax return. However, there are some taxable events though that you should discuss with your tax accountant throughout the year. Some of those items include:
1. A change in your retirement planning
2. Selling investments such as stocks
3. Purchasing or Selling Real Property such as your home, rental property, farm land, or other investment property
4. Moving from one state to another
5. A change in family including marriage, divorce, birth of a child, or death of a family member
6. Starting, selling, or closing a business
7. A large increase or decrease to income from your business, farm, or from your rental
8. Change of employment status or a large change in salary
All of these items and many more can change your tax return at the end of the year, some in more favorable ways than others. If you are looking at making any changes to your income, filing status, or assets it would be of great advantage for your to discuss the tax consequences with your accountant prior to making those changes. Depending on the change there may be a way of setting up the transaction to save you money on taxes, however once the transaction is complete there is little to nothing the accountant can do to help save money.
The Wassman CPA Services website and blog is meant to offer general information to our readers. The information provided is not intended to replace or serve as a substitute for any accounting, tax or other professional advice, consultation or service. You should contact Wassman CPA Services for advice concerning specific matters prior to making any decisions.
