Some people are conscientious about making appointments to visit their doctor on an annual basis. Being diligent about keeping these appointments helps diagnose underlying issues before they become a problem, create a plan to treat a problem, save money on treating a bigger health issue down the road and contribute toward developing a more trusting relationship with your physician. The same can be said for taxes.
No one wants a big, expensive surprise when they visit their tax advisor in January, especially when it comes to making sense of their 2020 taxes. An end of year tax check, like a medical exam, can shed clarity on the year, detect and solve potentially expensive issues, reduce the taxes you’ll owe next April and give you the opportunity to ask more in-depth questions about your taxes before the crunch of tax season.
Now is the time to schedule that year end income check if you’ve experienced any of the following:
- Self-employment income
- Unemployment Income
- Change in income/increase or decrease
- Sale of real estate
- Sale of inherited property
- Sale of investments
- Investment income
- Distributions from your retirement accounts
- Cancelled debt
When we meet, my goal will be to shed clarity on the year, provide in-depth answers to questions about your unique situation, and run estimates for self-employment income, unemployment income, capital gains, and various items authorized by the CARES act.
I look forward to examining your tax situation and coming up with a specialized plan to keep your finances healthy!