- 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.
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.