Maximize Your Tax Advisor Meeting: A Comprehensive Checklist

We meet with a lot of clients and complete a lot of tax returns during tax season, so time is very precious! We want to make the most of each minute we spend with you, so we have compiled a list of a few items you can review to be more intentional with your time. If there are any of these you’d like to learn more about, let us know and we can write a blog post on them or feel free to ask your tax advisor during your appointment. These topics cover a broad range of personal and business tax considerations, ensuring you get the most value from your appointment.

1. Personal Taxes

• New Deductions or Credits: Are there any new tax deductions or credits available this year?
• Lowering Taxable Income: How can I reduce my taxable income for next year?
• Education and Childcare Credits: Am I eligible for education-related or childcare tax credits?
• Filing Jointly vs. Separately: What are the benefits or drawbacks of filing jointly versus separately with my spouse?
• W-4 Adjustments: Should I adjust my withholding to better align with my tax liability?

2. Tax Deductions and Credits

• Maximizing Deductions: Are there deductions I might be missing, such as for medical expenses, student loans, charitable donations, or home office expenses?
• Available Tax Credits: How can I qualify for credits like energy-efficient home improvements or the Child Tax Credit?

3. Tax-Advantaged Accounts

• Retirement Savings: How can contributions to an IRA or 401(k) lower my taxable income?
• Health Savings Accounts (HSAs): What are the tax benefits of contributing to an HSA or Flexible Spending Account (FSA)?
• 529 Plans: What are the tax advantages of saving for education through a 529 plan?

4. Tax Filing Strategies

• Filing Status Options: What’s the best filing status for my situation (e.g., head of household, married filing jointly)?
• Itemizing vs. Standard Deduction: Should I itemize deductions, or is the standard deduction more beneficial?
• Tax Accuracy: Do I have all the necessary paperwork and records to ensure an accurate filing?

5. Self-Employed or Contractor Taxes (Schedule C)

• Deductible Expenses: What expenses can I claim as a self-employed individual?
• Tracking Expenses: How can I better organize and track my business expenses for next year?
• Mileage and Vehicle Deductions: What vehicle-related expenses are deductible?
• Estimated Taxes: How does the estimated tax payment system work, and should I make adjustments?
• Business Structure: Should I consider forming an LLC or S-Corp to save on taxes?

6. Small Business Owners

• Bookkeeping Review: Can you review my bookkeeping records for accuracy and improvements?
• Year-Round Preparation: How can I better prepare for taxes throughout the year?
• Hiring Incentives: Are there tax benefits for hiring employees or independent contractors?
• Available Credits: What tax credits are available for small business owners this year?
• Capital Investments: Should I invest in equipment or technology to take advantage of tax incentives?
• Reasonable Compensation: Am I taking a reasonable compensation as an S-Corp owner?

7. Investment Income and Real Estate

• Investment Reporting: How should I report investment income, such as dividends, interest, and capital gains?
• Tax-Loss Harvesting: Can I reduce taxable gains by selling underperforming investments?
• Rental Property Strategies: What tax-saving opportunities exist for rental property owners?
• 1031 Exchanges: Should I consider a 1031 exchange for my real estate investments?
• Recordkeeping: What records should I maintain for my business, investment portfolio or real estate transactions?

8. Tax Implications of Life Changes

• Marriage or Divorce: How do major life changes like marriage or divorce affect my tax situation?
• Children: What tax benefits, such as dependent exemptions or childcare credits, are available for parents?
• Buying or Selling a Home: Are there tax deductions for mortgage interest or capital gains exclusions for selling my home?
• Inheritance or Gifts: What are the tax implications of receiving an inheritance or gift?

9. Debt and Tax Implications

• Mortgage Interest Deduction: Am I taking full advantage of the mortgage interest deduction?
• Student Loan Interest: Can I deduct my student loan interest?
• Debt Forgiveness: How is forgiven debt taxed, and how can I plan for it?
• Underpayment Penalties: Are there penalties for underpaying estimated taxes, and how can I avoid them?

10. Tax Planning and Future Goals

• Wealth Building: What long-term tax strategies can help me build wealth?
• Retirement Strategies: How can I minimize taxes during retirement? Should I consider a Roth IRA conversion?
• Charitable Giving: What are tax-efficient ways to make charitable contributions, such as gifting appreciated assets?
• End-of-Year Tax Strategies: Are there steps I should take before year-end to save on taxes?
• Life Changes: How can I prepare for major milestones like starting a family or buying a home?

11. State and Local Taxes (SALT)

• State Tax Credits: Are there specific state or local tax credits I might qualify for?
• SALT Deduction: How does the $10,000 cap on SALT deductions affect me?

12. Legislative Updates and Audit Concerns

• Tax Law Changes: How do recent or upcoming tax law changes impact me?
• Audit Risk: Are there any red flags in my filing that might increase my audit risk?
• IRS Notices: What should I do if I receive a letter or notice from the IRS?

By addressing these topics with your tax advisor, you’ll ensure a productive and impactful meeting. Don’t hesitate to ask questions and seek clarity—your tax advisor is here to guide you. If any of these items resonate with you, let us know, and we’ll be happy to explore them in a future blog post or discuss them during your appointment!