Five Most Common Tax Questions People Are Asking This Year

It’s that time of year.  Unless you needed your refund quickly and your documents were in complete order, you are now beginning to organize your stack of documents to get your taxes filed for 2018.  With all of the news about people getting smaller refunds, lots of taxpayers are worried about actually having to stroke a check when they complete their taxes.  The new Trump tax plan that took effect last year had many changes that people were unaware of or didn’t pay attention to during the course of 2018.  This has triggered a handful of questions which I will answer here in the Your Smart Money Moves column. Why are refunds smaller this year? – This is actually a pretty easy one to answer.  When the new tax laws took effect in 2018, most people quickly realized they had received a bump in their paycheck.  However, what most people didn’t do was make a new calculation on the new ...

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10 Questions To Ask Your CPA

If you are hiring an accounting or tax and business firm, it should go without saying that you have a CPA involved in looking over all of the work.   However, not all accounting firms are created equal.     Some accountants are aggressive, some are conservative, and some care about nothing more than just preparing your taxes.   With the tax bomb right coming right around the corner over the next decade, isn’t it time you asked your CPA these important questions? Question #1: Do you believe I’m paying too much, too little, or just the right amount of tax? Beyond simply preparing tax forms, an accountant should be involved in business planning throughout the year. Typically, you should be planning a tax review in the beginning of the year to ensure you create the most efficient tax strategy possible.   If your CPA just gives you the “we are doing great” speech, it could be time for a move Question #2: Do you ...

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