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.

Posted in
Would Corporate Tax Cut Benefits Ever Reach the Middle Class?

Would Corporate Tax Cut Benefits Ever Reach the Middle Class?

Would Corporate Tax Cut Benefits Ever Reach the Middle Class? By now you’ve likely heard that President Trump wants to cut the nation’s corporate tax rate from its current 35 percent to 15 percent. Congress is on board with cutting the rate, but the agreement on this plan stops there. Not only has Congress proposed…

Top CEOs Looking for Tax Reform in a Hurry

Top CEOs Looking for Tax Reform in a Hurry

Top CEOs Looking for Tax Reform in a Hurry We are almost five months into this new presidency and the nation is still waiting for tax reform. However, it appears that many people, including congressional lawmakers, are more worried about issues other than the country’s tax code. There are some, though, that want change, and…

The Principles Behind Trump’s Big Tax Reform Plan

The Principles Behind Trump’s Big Tax Reform Plan

The Principles Behind Trump’s Big Tax Reform Plan After months of promises and speculation, not to mention a never-ending supply of political rhetoric, the new presidential administration finally released its plan for tax reform, titled “2017 Tax Reform for Economic Growth and American Jobs.” So how big is it? If you believe the National Economic…

Should Top Earners Pay Over-the-Top Taxes?

Should Top Earners Pay Over-the-Top Taxes?

Should Top Earners Pay Over-the-Top Taxes? It’s a debate almost as old politics: should the nation’s wealthiest earners pay more in taxes simply because they earn more money? People on either side of the debate make strong arguments for both sides and they are very passionate about their beliefs. While those on the left side…