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Questions to Ask Your CPA to Start 2017

Questions to Ask Your CPA to Start 2017

As the calendar turns and 2017 stares you in the face, you’ll find yourself addressing a variety of financial related questions. From taxes to your budget, there is sure to be a lot on your mind.

Below are five questions to ask your CPA at the beginning of 2017. By asking these, you can clear the air and ensure that you’re on the right path as the year begins:

1. Why did I overpay or underpay last year?

It doesn’t matter if you received a refund or owed money with your final return, you want to get a better idea of why this happened. Additionally, ask for advice on how to avoid a similar situation the next time around.

2. Are there any additional tax deductions to take advantage of this year?

One of the best ways to reduce your tax liability is to dig up more tax deductions. Of course, this is easier said than done.

If you sit down with your CPA to discuss this question, you may be able to uncover a few deductions that you haven’t used in the past.

3. Are there any new tax credits for 2017?

This is based on many factors, including your personal situation as well as changes to the tax code. While you may not find that you qualify for any new credits, it’s a question to ask. If nothing else, it gives your CPA another reason to review your situation to ensure that you’re not missing out on a credit that could alter your return (for the better).

4. Will any of these life changes impact my tax situation?

For example, maybe you’re now married. Or maybe you expect to bring a child into the world this year. If you’re going through a major life change, don’t hesitate to discuss it with your CPA.

5. What steps would you suggest that I take throughout the year to avoid common mistakes?

Let’s face it: you’ve probably made a few tax related mistakes in the past. And even if you haven’t, these are always lurking around the corner.

With the guidance of your CPA, you can avoid these mistakes in 2017. Sometimes, all it takes is a tweak to your approach to prevent a costly and/or time consuming mistake.

What do you think of these questions? Will you ask your CPA one or more of these at the start of 2017?

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Comments 1

Frank on Tuesday, 24 January 2017 17:02

I always present my CPA with any material changes in my life (new house, marriage, etc.) and ask how can these help me pay less taxes this year.

I always present my CPA with any material changes in my life (new house, marriage, etc.) and ask how can these help me pay less taxes this year.
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Monday, 16 September 2019

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