Is Your 2015 Tax Plan Ready?
How did your 2014 tax season go? Was it a success, or did it lack something to be desired? Did you get a nice return, or did you end up owing the IRS more than you expected? Did you make any mistakes when you filed your taxes or discover after the fact that you missed out on a credit or deduction you could have qualified for? Let’s face it, people aren’t perfect and taxes are complicated. Put those two things together and maybe your tax season could have been better.
Important Questions to Ponder
So now that your 2014 taxes are over and done with, maybe now is the time to consider some important changes for next year. In order to do this try asking yourself some of these important questions:
- Do I have the right tax advisor? – Any CPA can file a tax return, but you need to be certain that your CPA understands the tax code inside and out and that he/she gets you the best results possible before and after your return.
- Does my wealth manager understand tax loss harvesting? – While many wealth managers can help you plan for the present and the future, one key ingredient to success is to understand tax loss harvesting and how to use it.
- Do I pay enough in fees? – No one wants to pay more than they have to, but if your hire an accountant on the cheap, you will probably get what you pay for. Paying a little extra to make sure your CPA digs deep enough to find every possible credit and deduction is worth the price.
- Is my team right for me? – Some people have good accountants that also try to help manage their wealth, or vise versa. In most cases, it’s a good idea to have two separate advisors. However, it’s up to you to make sure you put together the right team for your success.
GROCO Can Help
All of these are important questions that you need to ask yourself. If you need help with any of these questions you can contact GROCO. Our team can help you with your investments, tax planning and wealth management. Just contact us online or give us a call at 1-877-CPA-2006 for more help.
Deducting Vehicle Expenses for Your Business
Deducting Vehicle Expenses for Your Business Business traveling costs add up fast. If you own a vehicle that is primarily for business use, there are tax deductions available to you. You can choose to deduct the standard mileage rate or actual expenses. If you are unsure of what option is best for you, consider the…
Common Tax Filing Mistakes for the Self Prepared Tax Return
Common Tax Filing Mistakes for the Self Prepared Tax Return If you are filing on your own, make sure to take note of the following 1. Choosing the wrong filing status. Taxpayers should confirm that the filing status (i.e., single, married filing jointly, married filing separately, head of household, qualifying widow(er) with dependent child) selected…
Benefits of Miscellaneous Deductions
Benefits of Miscellaneous Deductions Source: IRS.gov If you are able to itemize your deductions on your tax return instead of claiming the standard deduction, you may be able to claim certain miscellaneous deductions. A tax deduction reduces the amount of your taxable income and generally reduces the amount of taxes you may have to pay.…
Organizing Tax Records This Summer Can Help You Keep Your Cool
Organizing Tax Records This Summer Can Help You Keep Your Cool Source: IRS.gov If the sweltering dog days of summer aren’t incentive enough to get out of the sun for awhile, here is another reason to head indoors: organizing your tax records. Devoting some time mid-year to putting your tax-related documents in order may not…