Important Times to Seek Assistance

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 this office whenever you have a substantial change in taxable income or deductions. We can advise you about how to optimize your tax liability, avoid or minimize penalties, estimate and pre-pay required taxes, document deductions, and examine and explore tax options. You should call this office if you or your spouse:

• Receive a large employee bonus or award

• Become unemployed

• Change employment

• Take an unplanned withdrawal from an IRA or another pension plan

• Retired or are contemplating retirement

• Moved or otherwise changed your address

• Sold or purchased a home

• Exercised or are planning to exercise an employee stock option

• Have significant stock gains or losses

• Refinanced or plan to refinance your home mortgage

• Get married

• Separate from or divorce your spouse

• Sell or exchange property or business

• Experience the death of a spouse during the year

• Inherit property

• Turn 72 during the year

• Increase your family size through birth or adoption of a child

• Start a business, acquire a rental property, or convert your home to a rental

• 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

• Plan to gift more than $16,000 to any one individual during the year

Before you respond to a notice from the government related to your tax return, give our office a call.