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Have You Answered These End of Year Tax Questions?

Have You Answered These End of Year Tax Questions?

With the end of the year closing in, there’s no better time than now to review your tax situation. After all, the April 2017 filing deadline will be here before you know it.

Although no two people face the same tax circumstances, here are some important questions everyone should answer:

•    Do you need to consult with an accountant now or in the near future?
•    Does it make sense to contribute more money to your retirement account(s) before the calendar turns?
•    What are the tax benefits associated with opening an IRA?
•    What are the pros and cons of selling investments before 2016 comes to an end?
•    Are there any charitable contributions that you can make before the end of the year?
•    Have you made a list of deductions that you qualify for, including any that you were unable to use last year?
•    What are the benefits of gifting money to family members, and could this help improve your tax situation for 2016?

As you can imagine, there are hundreds of other questions you may need to answer. These seven, however, are among the most important as they pertain to a large number of people.

Final tip: if you have any trouble answering these questions on your own, don’t hesitate to speak with a tax professional. This is the best way to guarantee yourself of securing accurate answers.

There isn’t much time left in 2016, so you need to address any lingering tax questions without delay.

Would you add any others to this list? 

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Comments 1

Frank on Tuesday, 20 December 2016 11:57

-Do I know how much I made this year?
-Has anything in my life materially changed from prior year? I may be able to take more deductions if so
-What items do I need to gather to submit my taxes? If you do not know, contact a CPA.

-Do I know how much I made this year? -Has anything in my life materially changed from prior year? I may be able to take more deductions if so -What items do I need to gather to submit my taxes? If you do not know, contact a CPA.
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Monday, 16 September 2019

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