Top Ten Things You Should Discuss with Your Tax Preparer

Your accountant or tax preparer is a knowledgeable resource, not only for tax preparation but also for planning and advisory services. Below is a list of topics that you should discuss with your tax preparer.

1. Short-term and long-term goals for your small business. Planning to sell your business in the near future? Looking for ways to grow? Or, perhaps, planning a large asset purchase? Your tax preparer may be able to provide direction and advice.

2. The NEW 20% qualified business deduction. The Tax Cuts and Jobs Act (TCJA) introduced a new deduction for small business owners that could impact your bottom line. Find out how to qualify and reap the benefits.

3. Your retirement plan. Will you have enough saved? Are there ways to increase your nest egg?

4. Saving for college. There is no doubt that higher education is expensive. But there are some ways to reduce the burden. Talk to your tax professional about 529 Plans, Educational Savings Accounts (ESA) and Educational IRAs.

5. Tax withholdings. Are you withholding enough or maybe too much? If you commonly face underpayment or late payment penalties, talk to your accountant!

6. Commonly overlooked deductions. Are you taking advantage of the deduction allowed? The new law, Tax Cuts and Jobs Act (TCJA), is complex and different. Don’t miss out on some new deductions! Learn more and take advantage!

7. Life changes. Getting married or having kids? What about changing jobs or expecting a change in income levels? Discussing major life changes before they happen is a smart idea… these changes will often affect your tax position and your tax preparer can guide you.

8. Legal documents. Do you have a will? Or a living will? Are your finances in order in case of an unforeseen tragedy? Discuss with your tax professional the important steps you can take to ensure that your loved ones are not burdened with your financial affairs should you die.

9. Budgeting. A budget is a great way to provide an illustration of what you “think” you save or spend and what actually occurs. Whether this is for your small business or your household, budgets tend to make people more accountable. Your accountant can assist you in preparing a budget…all you have to do is ask.

10. Securing your personal data. Discuss with your tax advisor how long you need to keep tax records and the best ways to prevent identity theft. Simple changes can make big differences in protecting your personal financial data.

About Padgett Team

Our firm is a leader in outstanding accounting, tax payroll and business services. Our dedication to the 3 dominating business requirements of Professionalism, Timeliness and Excellence dictate the day-to day service we provide equally to each client. No small business is too small.

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