Sep 202011
 

I always recommend to my clients that they undertake two important tasks when it comes to income taxes and homeownership.

 

First:

Find an experienced and competent

tax professional and create a long-term relationship.

 

You’ll thank me for this advice years from now.  There’s nothing better than knowing you can rely on the advice of someone who “has your back” with all things tax-related.  You can find local tax providers through the IRS website, www.irs.gov  using this link: HERE

 

Second:

Once you’ve created this superb new professional relationship

you should then set out to speak to your

tax professional THREE times annually.

 

One conversation obviously takes place during tax time.  Sitting down with your tax professional shouldn’t only be about getting your income tax returns done.  You should also be discussing your financial plans for your future and your current financial standing.  A great tax pro can use that conversation to guide you both during the tax filing process and also throughout the year when you speak to your tax pro TWICE MORE.

 

 

The next TWO times you speak with your tax professional should be in June (around mid-way through the year) and again in September-October.  These chats don’t need to be lengthy—fifteen to twenty minutes probably covers your current financial status.  You’ll want to review your Year-To-Date income and income tax withholdings on your paystubs, especially if you have modified your withholding numbers to maximize your take home pay.  More about that HERE and HERE.

 

Speaking to your tax professional twice more after filing your income taxes helps you manage your money more efficiently, IMHO.  You’ll avoid any nasty surprises with the IRS (you never want to find yourself owing money at tax time!)  and you’ll find yourself with more cash in hand throughout the year.

 

That all having been said: Speak to your Tax Professional NOW.

 

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