With the Thanksgiving leftovers mostly consumed, we are turning our eyes to year-end matters. As we approach 12/31/18, there are lots of items to consider.

Because, yes–the standard deduction has been significantly increased this year, and it might make sense for you to take it. Or, it might not.

There are so many factors to consider in the “new” tax code that it can be a little overwhelming. In fact, there are plenty of tax pros and taxpayers who will opt for the “simplest” solution and just take that standard deduction. In some cases, that’s smart and offers true savings.

But it’s not always wise to take the simple route.

Which is why it might make sense for us to have a chat.¬†In fact, there may be a few moves we can make that can make a big difference — even in this next month — before we’re forced into “reaction mode,” which is the only mode in which after-the-fact tax work can be done.

So, if at all possible, I’d like to figure out what we can do NOW to prepare¬†by having you consider a few questions…

This isn’t our “official” tax preparation questionnaire, it’s simply designed to help us figure out if we can do something before year-end to make a real difference, and before we run out of time.

1) Have you had a significant change in your wage income this year?

2) Have you taken capital gains or losses this year? Are you planning to?

3) Did you start or sell a business this year?

BONUS QUESTION: Do you know anyone who did, that would like input on their tax situation?

4) Did you purchase real estate?

5) Did you make your full contributions to retirement accounts?

6) Have you considered a Roth IRA?

7) Did you withdraw from retirement accounts, and for what purpose?

8) Have you sent your family and friends our way — and, if not, is there a way we can help to make this easier?

9) Are there any other tax or financial (or other) issues you think we should know about?


Now — your answers to these questions form the “tip of the iceberg,” and they will help us to know which direction to take as we work with you over the next two months to prepare for year-end. If you answered “Yes” to any questions, call us today for a tax consultation appointment where we will help you make final changes in preparation for your 2018 taxes.¬†

Hope to see you in here soon!

Lisa Heckman
(503) 648-6184