Every taxpayer at sometime during the year will look for guidance regarding tax issues. For taxpayers who have minimal assets with no severe fluctuations in income or expenses - the answer is probably not. You can probably have your tax planning questions answered by reading a tax library – either online or offline. You may, however, need a tax planner to help you develop a plan to obtain your investment goals and minimize their tax impact.
However, for other taxpayers having more complex tax issues – the answer is probably yes. If your spouse died, you got divorced, or have purchased a large dollar item – you will benefit from a tax planner. This is but a sampling of life situations that may arise pointing you towards the need for a tax planner.
If the dollar value of your tax concern is large enough, you may need a tax planner. Usually if an item has a large dollar value figure attached to it, there are tax issues to be concerned about. You need to know how to handle the transaction properly to get the best tax advantage for it. This is especially true if you read the IRS tax laws and do not understand how they apply to you.
If you own property, should it be in your name? Or, can you receive tax benefits otherwise? Your tax planner would be able to help you with this.
If you have an estate of significant size, you will definitely need a tax planner. Even an estate that is smaller in size will need tax advice. You need to protect your assets. However, you tax planner will specialize in estate tax planning. They can help you in this area.
If you own mutual funds, stocks, and bonds, you can benefit from a tax planner. They definitely will show you how to minimize your transactions affecting these investments.
Business owners can benefit from a tax planner. Tax planner could help with year-end tax strategies, retirement plans, expenses, and deferred income tax options – to name a few areas you can benefit from their help.
If you have rental property, your tax planner can help you put it to your advantage tax-wise. They know about timing issues, rental IRS laws, etc.
A tax planner will work with you in developing a personalized tax planning strategy that will guide you along your tax and financial success. Having them as part of your team can help ease your mind.
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|Jennifer Mathes, Ph.D.|