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Be wary of notices from your tax attorney

On Behalf of | Oct 12, 2016 | Income Taxes |

There’s a common misconception that taxpayers have about tax professionals (i.e. accountants and tax attorneys) outside of tax season. The assumption is that many tax professionals do not have much to do.

Indeed, they may not be insanely busy in September and October compared to March, but this does not mean that tax professionals are twiddling their thumbs. Instead, they commonly reach out to their clients to keep them apprised of changes in the law or important deadlines that they must meet in order to maintain compliance with federal law.

For instance, it is helpful for a taxpayer to know about new deductions in that take effect that could result in tax savings next April. At the same time, knowing about how new tax rates could affect you could help you in deciding how to schedule donations or receive dividends from investments.

For as much mail as we receive (both physical and electronic) it is important to stay on top of notices coming from tax professionals. Additionally, invitations to tax preparation and tax success seminars are equally as important. Most firms offer both in-person and virtual (webinar) sessions so that their clients can attend as their schedules allow.

Most people wait till after the first of the new year to think about their taxes. After all, most workers receive their year-end bonuses at this time. However, careful planning in October can make for fewer surprises and consternation in April. So if you receive reminders and notices from your tax attorney or accountant, do not ignore them.

The preceding is not legal advice.

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