A Time to Talk

This is the time of year - not after year end - for you to reach out to your tax preparer. This is especially important in 2018 with so many tax law changes. Tell your preparer about any changes this year. Did you just marry, divorce or have children? Did you just start a business? Did you just invest in or sell real estate? Are you newly retired?  Did you purchase or sell an investment or residence? Did you have a death in your family?  Tell them anything that might affect you financially.  

To get the ball rolling, provide your tax preparer with your year to date paycheck stubs if you are a w-2 wage earner.  If you have a business, send your tax preparer your year to date financials.  By getting a tax update now, you have time to adjust your withholdings or distributions in plenty of time before year end or to adjust your planned business purchases in 2018  - not in 2019 when it is too late. 

Another time to talk to your tax preparer is as soon as you consider purchasing, selling or even starting your business. You can be adversely affected if you don't set up your business properly. Ask for advice on the right type of business entity for you. Ask for how to structure the purchase or sale of your business. Your preparer can give you insight on how to better package a business deal so it better benefits you taxwise.

Telephone your tax preparer and let them know it is just a quick telephone call to update them on your financial situation. This may not cost you anything then. And it will give you peace of mind as 2018 comes to a close, better prepare you for tax time and possibly lower your tax bill.

Speaking with your preparer at this time of year could very well save you money in 2019 and it is worth 15 minutes of your time!

Maureen Thielen, EA, MST helps North County San Diego individuals and businesses with tax planning and preparation,  as well as bookkeeping and payroll services. You can reach her at (760) 828-7931 or email her at Maureen@mteataxaccounting.com. Her office is located at 1241 Carlsbad Village Drive, Suite B2, Carlsbad, CA  92008.