When Should You Seek Professional Tax Assistance?
Not seeking professional tax assistance 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 a professional any time you have a substantial change in taxable income or deductions. By doing so, 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 a professional if you or your spouse:
· Receive a large employee bonus or award
· Become unemployed
· Change employment
· Take an unplanned withdrawal from an IRA or other pension plan
· Retire or are contemplating retirement
· Move or otherwise change your address
· Exercise an employee stock option
· Have significant stock gains or losses
· Get married
· Separate from or divorce your spouse
· Sell or exchange a property or business
· Experience the death of a spouse during the year
· Turn 70½ during the year
· Increase your family size through birth or adoption of a child
· Start a business or acquire a rental property
· Receive a substantial lawsuit settlement or award
· Get lucky in 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 $14,000 to any one individual during the year
We here at BergTaxes have been doing taxes in the Clairemont/Kearny Mesa area for over 20 years. We offer free consultations regarding any and all tax matters.
For more information, call (858) 279-1040 or email bobberg@bergtaxes.com
