We survived yet another tax season at MJW EA & Company. I, personally, continue to consider it an honor that you have chosen to work with our team and I am humbled by the trust and confidence you have placed in us. Thank you.
Listed below are several of the recurring questions that come up during tax season. These can be complicated issues that could benefit you if put in place before tax season. If you think any of these (or other) issues could be important to you, we encourage you to bring them up for discussion before we get into the next tax season:
- Contributing to a traditional IRA may or may not benefit you, but is not always allowable and/or deductible; much the same is true for contributions to a Roth IRA.
- If limits to and criteria for HSA contributions and distributions are not followed carefully, there could be tax and penalty consequences; the same is true for 529 disbursements.
- Estimated tax payment rules are complicated and can also result in penalties and interest charges if not followed carefully.
- Which way to go – SEP or 401k?
If you want to dig deeper into these or other topics, the summer or fall would be a good time to set up an appointment, discuss further, and do some planning. It is best to address these before year-end so that you can implement the timely beneficial strategies. During tax season, we cannot devote the time these topics deserve, nor would implementing them at that point help you.
The Trump administration is promising a sweeping tax overhaul. We will pay attention and pass along information on changes we think may affect your future taxes.
You may have noticed a colorful card in your tax packet this year. It asks questions that could be financially and personally important to you. Take a few minutes and answer the questions as best you can. If you need any guidance, we will help where we can and can recommend specialists where appropriate.
Thank you for the opportunity to work with you for another year – our clients really are what makes our work special.