When Should I Contact a CPA?

There are many events that occur during the year that can affect your tax situation. Preparation of your tax return involves summarizing transactions and events that occurred during the prior year.

In most situations, treatment is firmly established at the time the transaction occurs, and sometimes before the tax year ends. However, negative tax effects can be avoided by proper planning.

Please contact us in advance if you have questions about the tax effects of a transaction or event, including the following (this list is not meant to be comprehensive):

• Pension or IRA distributions, especially if under age 59 1/2

• Significant change in income or deductions

• Job change or retirement

• Marriage or birth of child

• Turning age 59½ or 73

• Sale/purchase of any real estate

• Relocation to another state

• Notice from IRS or other revenue department - contact ASAP

• Divorce or separation

• Starting/buying a business or closing/selling a business

• Charitable contributions of property in excess of $5,000

All information contains general information for taxpayers and should not be relied upon as advice. Taxpayers should seek professional tax advice for information about your specific situation.