Remember to always give your CPA as much information as possible, so that they may keep you in compliance with the ever-changing tax laws at the federal, state, and local levels!   Tax planning is very important; there is very little that can be done after a transaction has occurred in order to reduce the tax liability.      Be sure to substantiate all deductions and keep paperwork for at least seven years after you file your tax return for the year in which the transaction occurred.

  • Did you have a child or pay for dependent care during the year?   Did you adopt a child or did you begin the adoption process?   
  • Were you married, divorced, or separated?
  • Some clients may obtain an extra tax deduction by paying your January mortgage payment in December each year.   Please check with us.
  • Do you have a completely segregated, exclusive part of your house used solely for your business?  Let us know!
  • Have you set up a retirement plan and do you regularly contribute to it?  
  • Do you take your required minimum distributions from your retirement plan each year (for those older than 73) ?
  • Did you buy a home or refinance your mortgage?
  • Are you supporting any other taxpayer financially?
  • Did you donate money, clothing, household items, a vehicle, etc. to a charitable organization?  Please let us know so that we may inform you about the required documents that you must have in order to substantiate the tax deduction.
  • For those who donate clothing or household items, always obtain a receipt for your donation.  Never leave clothes in the clothing bins if you want to receive a tax deduction.   Also, please be sure that the clothes are in good condition or better.
  • Did you move?  Did you get a new job?
  • Did you sell any stocks or bonds?
  • Do you have any money, stocks, company holdings, retirement accounts/pensions, rental properties, real estate, etc. outside the US?
  • Did you give any gifts to any person during the year?
  • Were you forgiven any debt (including business loans, credit card debit, home mortgage forgiveness, etc.) ?
  • If you are working remotely (whether due to Covid or not), you may be required to pay tax to the state in which the company is located.

We're here to help.

As well intentioned as some people may be, please do not take advice from those who are not CPAs.   Never hesitate to call or email us throughout the year; remember that asking for tax advice before doing something is always a better approach than finding out the tax ramifications after the fact when they can't be changed!



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