How often should you talk to your Tax Specialist?

If you have had any financial or tax situation changes during the year, you should talk to a Tax Specialist.

Some changes can be, but not limited to:

• Change in pay from your current employer
1. You may need to increase your Federal and State Tax Withholdings if you have had an increase in pay
2. If you have had a decrease in pay, you might be able to decrease your Federal and State Tax Withholdings.
• Purchase of a new home
1. There are a number of deductions that could be on your escrow papers that you could use.
2. You might be able to decrease your Federal and State Tax Withholdings, depending on your deductions.
3. If this is your first home, there are other deductions (ie. Personal Medical expense, Medical miles, Charitable Contributions, Unreimbursed Employee Expenses) that you may be able to deduct.
• Starting a new business
1. Do you have a Profit and Loss Statement?
2. Have you been keeping track of your expenses?
3. Have you been paying estimated quarterly taxes?
4. Do you know all the deductions that you could be expensing?
5. Are you using a room in your home, this could be a Business Use of Home Expense?
• The birth of a child or adopting a child
1. You could be eligible for the Child Tax Credit of $1,000
2. You will be able to have another exemption credit of $3,800
• A child going to college or moving out of the house
1. If you have a Child that has turned 17 you are no longer eligible for the Child Tax Credit of $1,000
2. If you have a Child attending College, there are Education Credits that you may be eligible for up to $2,500
• Change in Filing Status (Married, Married Filing Separate, Single, Head of Household, or Qualified Widow/er)
1. This is a huge factor in your taxes, and can either have a positive or negative outcome. 

As you have read, there are many things that can change your Tax Situation and since it is almost the end of the year, you would want to do this sooner than later, the more you wait; the harder it will be to correct the situation.

Give us a call and make an appointment so I can go over your paystubs, escrow papers, Profit and Loss Statement, etc. and make sure that you are on track, and/or give you some advice on your tax situation. 

Also, if you know anyone who owns a Small or Medium size Business or is Self-Employed, please give them a business card and have them give me a call for a Free Consultation of their Bookkeeping and/or Tax Situation.

Thanks for reading my blog, and when you get a chance check us out on Facebook – Pina Business Services, Twitter - Gabe the Taxguy and of course our website - Pina Business Services Webpage

Give us a call at (619) 726-1158 to make an appointment for a free consultation. 

Have a great day!!!!