- Find a long list of circumstances that require a call to your Fiducial representative.
- Learn what to do when you are contacted by the government regarding your tax return.
As a layperson, how do you know when you should seek assistance from a tax professional? So many opportunities exist for you to take advantage of beneficial options, but if you don’t know about them, tax-saving opportunities can pass you by. Fiducial created a helpful list below to guide you, but don’t hesitate to reach out with questions at any time.
Tax-saving moves
Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call your Fiducial representative any time you have a substantial change in taxable income or deductions. By doing so, we can advise you about how to optimize your tax liability, avoid or minimize penalties, estimate and pre-pay required taxes, document deductions, and examine and explore tax options.
Call us when you:
- Receive a large employee bonus or award
- Become unemployed
- Change employment
- Are considering taking an unplanned withdrawal from an IRA or another pension plan
- Retire or are contemplating retirement
- Move or otherwise change your address
- Sell or purchase a home
- Exercise or are planning to exercise an employee stock option
- Have significant stock gains or losses
- Refinance or plan to refinance your home mortgage
- Get married
- Separate from or divorce your spouse
- Sell or exchange a property or business
- Experience the death of a spouse during the year
- Inherit property
- Turn 72 during the year
- Increase your family size through birth or adoption of a child
- Start a business, acquire a rental property, or convert your home to a rental
- Receive a substantial lawsuit settlement or award
- Get lucky at a casino, lotto, or game show and receive a W-2G
- Plan to donate property worth $5,000 ($500 if a vehicle) or more to a charity
- Plan to gift more than $16,000 to any one individual during the year
Have you received a notice from the government related to your tax return? Then pick up the phone. You should never respond to a notice without first checking with your Fiducial representative.
Have questions about your taxes? Call Fiducial at 1-866-FIDUCIAL or make an appointment at one of our office locations to discuss your situation.
Ready to book an appointment now? Click here. Know someone who might need our services? We love referrals!
For more small business COVID-19 resources, visit Fiducial’s Coronavirus Update Center to find information on SBA loans, tax updates, the Paycheck Protection Program, and paid sick and family leave.