Make your 2019 tax projection and planning appointment now. If you don’t know how much you owe the IRS, the sooner you make an appointment, the more opportunity you’ll have to make tax-advantaged changes by December 31. Contact us for an appointment.
Goals + PLAN + Strategies = SUCCESS $$
If you don’t take control, the IRS will keep control.
You can hardly google tax projection without getting DIY tax calculators! Ever notice the reminder that results may be “too high, too low or may not include the latest changes in the tax code”? Even if the calculator is up-to-date, you may end up being less than 100% sure you put the pieces together correctly.
What is DIY tax projecting? A typical online projection calculator app allows you to plug in your info and check the bottom line. If you’re not happy, they have suggestions. Try spreading out payments for a major expense, bunching deductibles and lowering your AGI. And some other stuff, too. Got that?
You still have time to take control!
The process of tax projection and tax planning involves professional knowledge-based analysis of your overall business and individual goals. Every tax decision you make could affect next summer’s vacation, as well as your grandbaby’s education and future partnership in your business.
Your 2019 tax projection and planning appointment
Not all the information you need to file your taxes will be available until February 2020. Still, you’ll be able to provide enough information for us to prepare your 2019 what if projection.
From that projection, we’ll talk with you about your goals, help you make a plan, and set up strategies and actions to put in place by December 31, 2019. From this beginning, you will be ready to take control of your taxes in 2020 with long and short term Goals + PLAN + Strategies = SUCCESS $$.
Information you need to bring
Your own best guess and year-to-date financial info will work fine. No need to stress over not having everything
Personal records, information, and income
- For you, your spouse, and your dependents. Full legal name(s), date(s) of birth, Social Security number(s), drivers license(s). If you discover you don’t have everything, you’ll have time to get it.
- Bring your last year’s tax returns and supporting documents.
- Personal income statements. You may need to bring current check stubs or your very best guess as to the final amount.
- Alimony? Laws have changed.
- Got Bitcoin or Cryptocurrency? The IRS is paying close attention!
- Have a Foreign bank, financial accounts or property? This requires separate filing!
- Bring unemployment income or state or local refunds.
- We’ll also look at your investment and interest income.
- Information relative to home or property sale or purchase in 2019
- Social Security, Pension, IRA, annuity income information.
- Timber sale income requires extra attention. Bring what you have so far.
- Bring Information about any trust and estate beneficiary earnings.
- HSA or long-term care reimbursements
- Disaster relief funds.
- Education expenses can include tuition statements, itemized receipts of qualified education expenses, and student loan interest statements.
- Charitable contributions.
- Self-employment expenses. These can include business, assets, pension plan contribution, health insurance payments, and estimated state and federal tax payment. Home office expenses are allowed!
- Bring your child and dependent care expenses.
- Alimony expenses? Laws have changed.
- Health care expenses.
- Job-related educational expenses.
- IRA and health savings account contributions.
- Home remodeling or unreimbursed disaster or casualty loss expenses? Bring what you have.
For your business, electronic or hard copy accounting and financial statements are needed. Information includes:
- Personal owner information, including full legal names, SSNs addresses, percent ownership acquisition date, and distribution.
- Also, bring last year’s federal and state tax returns and record of estimated tax payments.
- Salaries and wages paid to employees.
- Commissions to subcontractors.
- Fringe benefits.
- Bring current financial statements. These include journal and bookkeeping entries and records, profit and loss statements, balance sheets, etc.
- General business expenses cover a lot of ground. Home office and vehicle deductions offer a lot of opportunities for you to keep more of your hard-earned money!
- Involved in Opportunity Zones? This should help you.
- We’ll need information about sold or purchased assets and asset depreciation.
Goals + PLAN + Strategies = SUCCESS $$
I earned my reputation as The Radical CPA
What’s the bottom line?
Whether you’re a business owner or not, every person should have a planned tax strategy. Don’t just wait for your tax person to tell you what probably happened last year and then tell you how much more you owe.
You can have the same opportunities as my clients have to control your financial future. I can become your CPA tax specialist and financial business and life goals adviser, and you can have the control you need and want.
Our goal is to become part of your overall life and business goal planning team so that you’ll be able to establish your own goals and know that you have a trusted professional on your side. We build and maintain a personal and business relationship with our clients. Your LIFE is your business, and your BUSINESS is your life. We’re here for YOU.
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