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.

/GROCO
Posted in

Business in New York Being Buried by Heavy Tax Load

New York, New York: It’s the town so nice they named it twice. But when it comes to taxes in one of the world’s greatest states, things aren’t so nice. That’s because New York is one of the worst places to live if you don’t want to pay a lot of taxes.  New York has…

Thinking About Loaning Cash to Your Business?

Are you looking to start a business, or is your current business in need of some cash? Maybe you can’t get a loan from a bank, or maybe you would rather not use a bank. What about lending some of your own money to your company? Can you do that? Yes, you can, but you’ll…

Tips for Filing Your Tax Return

Which Tax Extensions Will Affect Your 2014 Return?

Are You Ready for Your 2014 Taxes? Although many people might answer yes to that question, the fact is taxpayers can only do so much as long as Congress is dragging its feet on several expired tax extenders. The fact that these extenders are still sitting in limbo is nothing new. It happens almost every…

So-Called Temporary Recession Tax Not So Temporary

Remember the great recession of 2009? Although the recession may now be a thing of the past, some so-called “temporary” taxes are having a harder time fading into the background. That’s because many states throughout the country are still collecting on tax bills that were enacted solely for the purpose of refilling public reserves. Fourteen…