Getting ready for your Income Tax Preparer or CPA

Ugggh:  It is Tax Season again and that is sure to make people feel uneasy.  Let’s face it, no one likes to do their taxes, do they?  There are so many reasons to dislike this dreaded yearly project:  Tax preparation takes too much, time, costs too much, it is too difficult, and the hatred for the Government to name a few.

But we still need to file.  Every year.  So it is always best to get organized and strategized in an efficient manner before preparing your taxes.

I like to start with a 10 x 13 envelope and label it Tax Stuff 2017.  When the envelopes and assorted 1099s come in the mail you can open them and put all forms right in the envelope.  Once you have all your forms you can organize and take notes with any pertinent changes your advisor should know about.  I feel this is the most important part:  List your questions, comments, ideas on a word document and review in detail with your tax preparer.

Technical folks may want to use Intuit Link which is an online portal that makes it easy for you to upload your tax documents and data and send them to our office in a timely, secure, and organized way. If this sounds interesting, you can find out more about Link at https://proconnect.intuit.com/link/faqs/ .

Listen below as Win Damon and Stu talk about this topic on WJOP Joppa radio FM 96.3 in Newburyport.

 

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About Stu: With more than 29 years of experience as a credentialed tax professional, Stu Steinberg brings a broad depth of knowledge to his work. Stu founded Erock Tax to help provide tax strategies to individuals, families and small businesses. He uses his CPA expertise to help each client navigate their long-term debt and mortgage, gaining them the best deals and rates possible. Stu is passionate about empowering his clients through education about their tax health. He is highly energetic and brings a sense of optimism, creative problem-solving and a deep level of commitment to every Erock client.

5 Ways to Help Pre-Retirees Balance Goals

When it comes to retirement, my advice is to plan years in advance for this very day, and concern yourself with issues beyond how much money you have.  It is important is to realize that most people don’t fully retire now, they transition into a part time career to help their brains continue to fire and to keep themselves busy.  Here are 5 tips for folks who are considering retirement.

1. Time is of the essence. When it comes to retirement, the longer your time frame, the better — so start planning early! At least five years before retirement or semi-retirement is a great time to begin the formal retirement planning process. (Of course, you’ve already been saving for years at this point!) Work with a financial advisor who employs strategies that align with your best interests.

2. Make a budget and stick to it. Create a realistic budget based on your guaranteed income and your regular expenses, along with a cushion for “worst-case scenario” items such as health care and emergency funds. Your budget should help balance the payment of short-term monthly bills with 401(k) and IRA savings for the long-term.

3. Understand your life priorities. Consider the trade off (a.k.a. the opportunity cost) between working versus retirement. Need help creating this vision? Our Wealth Vision financial planning software will help you plan for all the “what if” scenarios you can dream up.

4. Understand how financial planning connects retirement components. The face of retirement has changed, and your financial planner can help you navigate these new realities. In the past, folks retired and died soon after; today, it’s essential to plan for longer life expectancies that require a range of investment options. These options may include simply working longer, especially for those that are healthy and enjoy their jobs, as well as a diversity of investment buckets to ensure a comfortable retirement.

5. Get a handle on your taxes and health care expenses ahead of time. Converting qualified money to Roth IRAs over time can help you save taxes over a lifetime; investigate this tax-mitigating strategy before it’s time to retire. Take charge of your health care expenses by looking into Medicare at least six months before you turn 65.

Above all, enjoy the journey — but take care to remain balanced in your financial life.

Listen below as Win Damon and Stu talk about this topic on WJOP Joppa radio FM 96.3 in Newburyport.

Like what you have read? Please share with friends.

About Stu: With more than 29 years of experience as a credentialed tax professional, Stu Steinberg brings a broad depth of knowledge to his work. Stu founded Erock Tax to help provide tax strategies to individuals, families and small businesses. He uses his CPA expertise to help each client navigate their long-term debt and mortgage, gaining them the best deals and rates possible. Stu is passionate about empowering his clients through education about their tax health. He is highly energetic and brings a sense of optimism, creative problem-solving and a deep level of commitment to every Erock client.

 

For more information please visit our website at www.erocktax.com

 

 

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