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Don't Run the Risk of a High Tax Bill!

Matt Edrington
October 29, 2020

Before taking action talk to your tax adviser.

How many times have you seen this legal disclaimer? Unfortunately, all too often 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 they had talked to someone first!”

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