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. You should call this office any time 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
In addition, you should call whenever you receive a notice from the government related to your tax return. You should never respond to notice without first checking with this office.
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