GREAT IDEAS FOR ENTREPRENEURS FROM THE THOUGHT LEADERS AT CASEY NEILON
4 REASONS TO STAY CLOSE WITH YOUR TAX ADVISOR
4 REASONS TO TALK WITH YOUR TAX ADVISOR ALL YEAR LONG.
With the extended but impending tax deadline approaching on July 15, I wanted to share some thoughts and stories from my 17 years in public accounting to help you prepare for this important deadline.
Close communications with your tax professionals are super important throughout the year. As you have key milestones in your life, keep us looped in. We need to know for your tax planning but we are also an extended part of your family, so we want to send good wishes!
The following are all examples of why we like to talk to our clients throughout the year. When we meet to start preparing taxes, that event or major life change during the previous year have become part of your day to day life, and may not be top of mind for your tax planning.
4 reasons to talk with your tax advisor
- Congratulations – you’ve adopted a child! If you’ve adopted a child, you must have a Social Security number to take the child deduction. A Social Security number takes a little time to process from the government. You want that deduction!
- The purchase of a new home, or a second home, is also a trigger for a conversation. Any large or capital expenditures would be a good time to set up a call with your tax team.
- Extensions are your friend. If you are planning a vacation or decide that you may jump up and go as the country begins to open up, let’s get you an extension filed. Remember, we need signatures in order to file your taxes so tracking you down while you are basking in the sunshine on a remote beach can be difficult, so enjoy your vacation but let’s get that extension filed!
- Starting a business, becoming a partner or making a large investment in a business is also a great time to begin a conversation. There are many different sections of the tax code that govern partnerships and how Schedule C businesses should be handled. If you are a partner in an LLP, or an officer in a foreign company, these are also times that we should talk.
Pandemic communications solutions
With the pandemic affecting so many this year, we won’t have to deal with the tax implications until next year. However, if your situation needs some creative solutions, we created a pandemic resource for clients to help answer some common questions or call our Carson office at 775-283-5555 or call our Reno office at 775-329-9999 and let’s figure out a way to help you get through it now rather than later.
Plus, through this pandemic, we have brought on tools to help us communicate better such as Zoom and Teams so we can see each other, screen share and discuss your specific tax situation.
Five more things to keep in mind
- Did you have a child, adopt, or have a significant event in your family such as a marriage or divorce?
- Did you or your spouse retire?
- Did you make any significant purchases such as a second home?
- Did you or your spouse change jobs?
- Did you start a new business, become a major investor or a partner?
Communicating with your tax professional will help you stay ahead of tax planning and preparation.
If you’re looking to find a tax advisor, we are here to help you. Our certified public accountants and staff accountants have a wide range of specialties and professional credentials to help you with tax return preparation and beyond, for any financial situation.
We also offer financial planning, business tax planning, captive insurance and virtual accounting services, from small businesses to serial entrepreneurs to multiple family-owned businesses and global corporations. For more information on why entrepreneurs and business owners need more than just tax preparation, read “Why entrepreneurs need tax planning, not just tax prep” by Leslie Kid, CPA.