Weekly Observations for 4/13/2018 — Upcoming Tax Reviews

Our CPA colleagues have been working around the clock this week to finalize client tax returns, so our week was busy fulfilling requests for copies of tax records, details on past transactions, and other tax-related items. The tax return filing deadline is next Tuesday, the 17th, and about one week later I will be sending out an email to request a tax return copy from each of our clients — then our tax planning season begins!

When you take a moment to send us your tax return, what happens from there? Here are steps we take…

1.  We review each line item from your tax return and evaluate your gross income, adjusted income, marginal tax rates, effective tax rates, deductions, carryforwards, and other factors. We are looking for tax savings opportunities for the coming year based on where these numbers land in relation to dozens of thresholds embedded in the tax code, and also for last year’s credits and deductions that may have been missed based on our knowledge of your situation.

2.  Once the review is done, we will summarize our findings in a letter describing the tax strategies available to you in 2018 that are consistent with your planning goals. These could include taking advantage of the 0% tax rate on dividends and capital gains, charitable giving strategies, maximizing your use of the standard deduction, maximizing retirement plan contributions, and others. We also invite you to schedule a meeting by phone or in-person to discuss each of these.

3.  Finally, so that you don’t need to worry about remembering all of this in the coming year, we create pending tasks in your file for each next step needed to take advantage of these strategies. We’ll be in touch throughout the year with reminders, guidance, and handling any needed paperwork.

You provide the document — we take the next steps to save you time and money and keep you on track to achieving your goals.

I’m up for jury duty on Monday — the day before the tax deadline! If I’m tied up, Patrick will be available for any last minute tax needs. Until then, I hope you have a great weekend!