Article Highlights:
\nMid-Year Planning
\nAvoiding Unpleasant Surprises
\nEvents That Have Tax Consequences <\/p>\n
All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially benefit them. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take steps to mitigate their impact and avoid unpleasant surprises after it is too late to address them. Here are some events that can trigger tax consequences. Did you (or are you going to):
\nGet Married, Divorced, or Become Widowed?
\nChange Jobs or Has Your Spouse Started Working?
\nHave a Substantial Increase or Decrease in Income?
\nHave a Substantial Gain from the Sale of Stocks or Bonds?
\nBuy or Sell a Rental?
\nStart, Acquire, or Sell a Business?
\nBuy or Sell a Home?
\nRetire This Year?
\nReach Age 72 This Year?
\nRefinance Your Home or Take Out a Second Home Mortgage This Year?
\nReceive a Substantial Inheritance This Year?
\nTake Advantage of Tax-Beneficial Retirement Savings?
\nMake Any Significant Equipment Purchases for Your Business?
\nPurchase a New Business Vehicle and Trade-in or Dispose of the Old One?
\nAdequately Document Your Cash and Non-Cash Charitable Contributions?
\nKeep Up With Your Estimated Tax Payments?
\nMake Any Unplanned Withdrawals from an IRA or Pension Plan?
\nAdd a Solar Electric System to Your Home or Purchase an Electric Vehicle?
\nHire Veterans\u2019 or Other Individuals in Your Business Who May Qualify for the Work Opportunity Tax Credit?
\nTrade or Sell Cryptocurrency?
\nIncur Expenses Adopting a Child?
\nStart Receiving Social Security Benefits?
\nExercise an Employee Stock Option?
\nStart Using a Part of Your Home for Business This Year?
\nExchange Real Properties Used in Your Trade or Business or Held for Investment?
\nStart a Retirement Plan in Your Self-Employment Business?
\nMake Gifts of Over $16,000 to Any One Individual This Year?
\nOf course, these are not the only issues that have tax consequences.<\/p>\n
If you anticipate or have already encountered any of the above events or conditions, it may be appropriate to consult with this office\u2014preferably before the event\u2014and definitely before the end of the year.<\/p>\n<\/span>","protected":false},"excerpt":{"rendered":" Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially benefit them. Mid-year is the perfect time for tax planning. The following are some […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n