What Are the Best Tax Saving Moves? Important Times to Seek Assistance

What Are the Best Tax Saving Moves? Important Times to Seek Assistance

  • Find a long list of circumstances that require a call to your Fiducial representative.
  • Learn what to do when you are contacted by the government regarding your tax return.

As a layperson, how do you know when you should seek assistance from a tax professional? So many opportunities exist for you to take advantage of beneficial options, but if you don’t know about them, tax-saving opportunities can pass you by. Fiducial created a helpful list below to guide you, but don’t hesitate to reach out with questions at any time.

Learn about important times to seek tax-saving assistance

Tax-saving moves

Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call your Fiducial representative any time you have a substantial change in taxable income or deductions. By doing so, we can advise you about how to optimize your tax liability, avoid or minimize penalties, estimate and pre-pay required taxes, document deductions, and examine and explore tax options.

Call us when you:

  • Receive a large employee bonus or award
  • Become unemployed
  • Change employment
  • Are considering taking an unplanned withdrawal from an IRA or another pension plan
  • Retire or are contemplating retirement
  • Move or otherwise change your address
  • Sell or purchase a home
  • Exercise or are planning to exercise an employee stock option
  • Have significant stock gains or losses
  • Refinance or plan to refinance your home mortgage
  • Get married
  • Separate from or divorce your spouse
  • Sell or exchange a property or business
  • Experience the death of a spouse during the year
  • Inherit property
  • Turn 72 during the year
  • Increase your family size through birth or adoption of a child
  • Start a business, acquire a rental property, or convert your home to a rental
  • Receive a substantial lawsuit settlement or award
  • Get lucky at a casino, lotto, or game show and receive a W-2G
  • Plan to donate property worth $5,000 ($500 if a vehicle) or more to a charity
  • Plan to gift more than $16,000 to any one individual during the year

Have you received a notice from the government related to your tax return? Then pick up the phone. You should never respond to a notice without first checking with your Fiducial representative.

Have questions about your taxes? Call Fiducial at 1-866-FIDUCIAL or make an appointment at one of our office locations to discuss your situation.

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