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When to Ask for Help... OR run the risk of high tax bill

Updated: Dec 15, 2021

How many times have you seen this legal disclaimer and have your eyes gloss over? Unfortunately, there are too many times when taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill.

Here are some of the most common situations that can save you money by seeking advice before you act:

  • Getting married

  • Selling a home

  • Donating stocks and investments

  • Getting divorced

  • Change in dependent status

  • Approaching retirement

  • Starting a business

  • Managing participation in tax-advantaged retirement accounts like 401(k), 403(b), and various IRAs

  • Death and birth of loved ones

  • Donating high value items

  • Selling stocks, bonds, mutual funds or business property (rentals)

  • An audit

  • Tax efficient transfer of your estate

  • Selling or buying high value assets (art, collectibles, real estate, and small business assets)

  • Determining Social Security benefit strategy

In advance of any of these events, or when in doubt, please ask for assistance. There are too many stories that include the words “if only he had talked to someone first.”

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