6 tips for the 2017 tax season and to make the most from your CPA consultation

One of the most important questions to ask yourself - are you really spending the right amount of time and getting the most from your CPA consultation?

So here are few extra steps you can take for the upcoming 2017 tax season.


1) Stay organized: Take advantage of the free apps or store all your itemized receipts.  By staying organized, you can now reserve most of your CPA consultation on the most important discussion points.

2) Ask questions: Communication is a 2 step process, so take the lead and ensure your CPA exactly understands your tax situations. If you are unable to follow the jargon, ask questions. Request your CPA to explain in simple, easy to understand language. Do not hold back on information and let a professional CPA handle complex situations. Provide all the information to the CPA so he/she can help you take an informed decision.

3)  Setup Goals: As the adage goes, what gets measured gets done. So, write down your goals ahead of your meeting and share this with your CPA. Eg: Maximize 401k, setup 529 plans for children, save at least 20% for owner's 401k plan etc. By doing so, you now have metrics to compare next year.

4) Prepare: Preparation is the key. Prior to your CPA appointment, write down all the key topics you would like to discuss. Talk to the required contacts and get the documents ready before your appointment. 

5) Implement and follow up: Implement all the key items from your discussion. Unless you implement, you will not see the results. Promptly respond to any additional questions from your CPA.

6) Feedback: After you get done with your tax preparation, ask your CPA for feedback and what you can do make the process more efficient.


Posted In: Tax

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