Tax Planning Part I: Are you getting a refund or will you owe?

Now that its year end, it’s a good time assess your tax situation. The big question is: AreĀ  you getting a refund or will you owe?

Most people go according to what happened the previous year. However, there maybe changes that occurred during the year that will affect your tax liability.

You may not be aware of these instances.

I have compiled a list here of situations that have come across my desk that will change whether you owe or get a refund. Ask yourself these questions:

1)Did you buy or sell a home?

2)Did you receive a windfall?

3)Did you change jobs?

4)Did you move?

5)Did you receive an inheritance?

6)Did you make a profit in your business?

7)Did you sell a rental property?

8)Did you receive a substantial bonus from your employer?

9)Did you buy or sell stock?

10)Will you receive a 1099Misc-non employee compensation?

11)Did you begin receiving social security?

12)Are you making more money this year?

13)Did you or your spouse change their withholding?

If you answered “yes” to any of these questions, please give me a call. Or if there is anything that you are concerned about with your taxes, please call.

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Evelyn Edwards, CPA in Austin Texas