Next Step Tax & Accounting
  • Clients
    • Portal - Log In
    • Portal - Instructions

Blog

10 Things to Ask your CPA

2/3/2017

 
Picture
I'm sure we are all painfully aware that tax season is officially here! For most people, that means hours digging through files and waiting for things in the mail. Then you hope you got everything and hope your software or accountant checks for everything else. Oftentimes you leave the appointment wondering, did I ask the right questions? Well, wonder no more! ​
​Next time you meet with your accountant, review this list of questions with them to make sure you have all your bases covered.
  1. Did I take advantage of all retirement opportunities?
    1. Remember there are lost of options in addition to your 401k. Make sure you have considered post-tax options like a ROTH or life insurance.
  2. Am I taking advantage of industry-specific deductions?
    1. Many professions and industries have specific deductions or treatments. Missing out on these can be costly!
  3. Will offering health insurance help or hurt my employees?
  4. Am I subject to the employer mandate for health insurance?
  5. Have I optimized my vehicle expenses?
  6. Am I safe in the event of a tax audit?
    1. Every return has areas of weakness. The key is to find your weaknesses and shore them up.
  7. What is my succession plan and is it tax-efficient?
  8. Am I saving for my kids' education in a tax-efficient manner?
    1. Also, if you have kids currently in school, are you coordinating all available tax benefits?
  9. What should I have done differently in 2016?
  10. What's next?
    1. Make sure you and your accountant are on the same page and that your current tax plan is still working and will continue to serve you well. Make sure you understand what trigger points will cause your plan to lose its effectiveness.

It is never too late to have a professional review your tax return to help find areas for improvement. If you have any of these question unanswered, give us a call to see if we can help! 435-275-8400

Happy tax season!

Comments are closed.

    Next Step Blog

    Our blog is intended as a tool to keep people informed about relevant tax and accounting issues. If you have a question or an idea for a post, let us know!

    Categories

    All
    Audits
    Capital Assets
    Deductions
    Due Dates
    Education
    Employees
    Fraud & Scams
    Income
    Insurance
    IRS Code
    Management
    New Legislation
    Payroll
    Planning
    Refunds & Payments
    Sales Tax
    Tax Deferral
    Tax Forms

    Archives

    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016

    RSS Feed

Copyright © 2023
Picture
  • Clients
    • Portal - Log In
    • Portal - Instructions