Waiting for your regular appointment to discuss current tax-related issues can create problems

When Is The Perfect Time To Seek Tax Assistance?

Waiting for your regular appointment to discuss current tax-related issues can create problems

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.

 

See Relax Tax’s Amending a Tax Return at relaxtax.com/debtreview

 

Generally, you should call this office at 551-249-1040 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.

 

See this related post from Dennis Harabin: 15 Most Commonly Encountered Tax Penalties That YOU Can Avoid
Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply unaware of the penalties or the possible damage they can do to their wallets. As tax season approaches, let’s look at some of the more commonly encountered penalties and how they may be avoided.
 

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 a 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

 

See this related post from Dennis Harabin: The Different Ways to Pay Your Taxes
Although most (74% in 2020) American taxpayers receive a refund each year when they file their income tax returns, there are those who for one reason or another end up owing. Of those who owe Uncle Sam many don’t have the means to pay what they owe by the return due date (usually in April). Generally, tax due occurs when a wage earner has under-withheld on his or her payroll or a self-employed individual failed to make adequate estimated tax payments during the year. This can be a huge problem for those who are unable to pay their liability.  
 

In addition, you should call whenever you receive a notice from the government related to your tax return. You should never respond to a notice without first checking with this office at 551-249-1040.

Do you have some questions? Dennis Harabin at Relax Tax can answer them!

 

Recommended Readings: 

 

 

  • Tips on How to Improve Your Bookkeeping Habits This 2022
  • Disability Tax Benefits and Tax Credits
  • Easiest Way To Improve Your Finances
  • What if I Missed Something on My Tax Returns?
  • Ways to Manage Your Finances During an Inflationary Period

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    Relax Tax is your trusted financial partner. 
    We obsess about helping people retain more of what they earn.
    We can provide you with a set of solutions for your financial goals no matter your financial situation. If you want to learn more about taxes, obligations, investments, and how to handle them, Click Here to schedule your initial meeting.
     
     
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