When you need a CPA
There are five milestones when many people find they need a CPA. These milestones are Marriage, Children, Divorce, College and Retirement.
Marriage includes more than just a young couple starting out. What about remarriage and blended families - keeping finances separate or joining them, ex-spouses making claims for child support, etc. Or there is the second marriage late in life with a retired couple. This can create many tax implications when blending finances.
The blessing of a new child by birth, or adoption has tax implications as well as considering special benefits/incentives for special needs children. And it is never too early to start saving for their education with a 529 plan which can be used for both private school or college.
The unfortunate situation of divorce is too common these days. During this trying time, it is important to have the advice of a trusted CPA to guide you through the ever changing tax laws concerning alimony and child support.
Did you know there are several different tax incentives related to higher education in college? Each year, the incentives vary depending on the type of education, the age of the student and the nature of the expense. Working with a CPA on your taxes can help you take advantage of these tax benefits.
Saving for retirement as well as using those savings during retirement are both times to consult a CPA. We can help you evaluate different retirement saving options for self-employed taxpayers. Maybe you should make your charitable contributions from your IRA after age 70-1/2 (or 72 beginning in 2020). And, analyzing when to start drawing Social Security is a critical step.
Many people see their annual tax return as an annual obligation, but I know it is just the beginning of the story. By evaluating your tax return, discussing with you your life events and goals, and watching for trends and changes over the years, I have a unique perspective to help guide you through these major milestones.
Contact me today to set up a consultation.