Many taxpayers only consider their tax planning strategy when it comes time to file their annual return. Here are four more times throughout the year when you may want to consider seeking professional tax advice.
1. Expected Life Changes
Major life changes can impact your financial outlook in some surprising ways. If you are planning on purchasing a new home, changing your marital status, or expanding your family through birth or adoption, you should consult a tax professional to see how these milestones can impact your tax return and get help planning for the future.
2. Unexpected Life Changes
If you have lost your job or had to move unexpectedly, you may have not yet considered how this will impact you come tax time. It is not too late to speak with a professional to make sure you are still on track with your financial objectives.
3. Big Cash Outlay
Are you considering purchasing a vacation home, or making an investment in a new real estate or business venture? Work with a tax professional on the front end to make sure you understand both the short- and long-term implications of your purchase.
4. Updating Your Retirement Strategy
Before you make changes to the amount you are setting aside for retirement, or consider changing your overall retirement strategy, it is a great idea to speak with a tax professional. They can work alongside your financial advisor to craft a plan that is just right for you.
Whatever your age or income level, it is never too early to invest in understanding your financial position and setting yourself up for the future. If you’re looking for a professional who can take the complexity and headache out of tax planning, contact us today at kataxandconsulting@gmail.com
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