Minimizing your taxes requires a year round effort. The following events will have an impact on your tax liability. In most cases, proper tax planning can minimize any negative tax consequences. Whenever a situation on this list occurs, call Cecil Buxo, EA. Here are some of the top reasons to contact our office:
- Buying, selling or exchanging any real property (land or building), including converting your residence to a rental; selling securities.
- Changing your marital status (marriage, divorce).
- You decide to adopt a child
- Changing jobs with an existing 401(k), 403(b) or other plan
- Contemplating filing for bankruptcy
- IRS intends to levy your bank account, wages or other financials
- Your creditor forgave an outstanding debt you owed or received a Form 1099-C showing Cancelled Debt
- You were forced to foreclose on your property
- Making gifts to any one person totaling more than $17,000 ($34,000 for married couples) in 2023.
- Taking out a loan while using your home or other real property as security.
- You decide to go into business for yourself.
- You are expecting a significant change in your income and/or deductions.
- You received correspondence, an audit or request for documents, from the IRS or your state taxing authority.
- Making contributions to or receiving distributions from retirement plans.
- Making a substantial charitable contributions to your favorite church or charity.
- You incurred substantial medical expenses.
- You started a business and need advice on tax planning.
- You want to dissolve your business with minimum tax consequences.
- You are about to receive an inheritance.
- You are changing jobs or retiring.
These are just a few of the topics we can definitely help you with, but go ahead and give us a call. We are available year round to assist you!