Mid-Year Tax Planning Checklist

Article Highlights:

  • Mid-Year Planning

  • Avoiding Unpleasant Surprises

  • Events That Have Tax Consequences

Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. 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):

  • Get Married, Divorced,or Become Widowed?

  • Change Jobs or Has Your Spouse Started Working?

  • Have a Substantial Increase or Decrease in Income?

  • Have a Substantial Gain from Selling Stocks or Bonds?

  • Buy or Sell a Rental?

  • Start, Acquire, or Sell a Business?

  • Buy or Sell a Home?

  • Retire This Year?

  • Reach Age 73 This Year?

  • Refinance Your Home or Take Out a Second Home Mortgage This Year?

  • Receive a SubstantialInheritanceThis Year?

  • Take Advantage of Tax-Beneficial Retirement Savings?

  • Make Any Significant Equipment Purchases for Your Business?

  • Purchase a New Business Vehicle and Dispose of the Old One?

  • Adequately Document Your Cash and Non-Cash Charitable Contributions?

  • Keep Up with Your Self-Employed Estimated Tax Payments?

  • Make Any Unplanned Withdrawals from an IRA or Pension Plan?

  • Make Energy Saving Improvements to Your Existing Home?

  • Add a Solar Electric System to Your Home or Purchase an Electric Vehicle?

  • Hire Veterans or Other Individuals in Your Business Who May Qualify for the Work Opportunity Tax Credit?

  • Trade in, Mine, Sell, or Receive Cryptocurrency?

  • Incur Expenses Adopting a Child?

  • Start Receiving Social Security Benefits?

  • Exercise an Employee Stock Option?

  • Start Using a Part of Your Home for Business This Year?

  • Exchange Real Properties Used in Your Trade or Business or Held for Investment?

  • Start a Retirement Plan in Your Self-Employment Business?

  • Make Gifts of Over $17,000 to Any One Individual This Year?

Of course, these are not the only issues that have tax consequences.

If you anticipate or have already encountered any of the above events or conditions, it may be appropriate to consult with this office—preferably before the event—and definitely before the end of the year.

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Title: Accounting / Tax Manager 

We are seeking an Accounting/Tax Manager to join our team! You will lead and manage multiple operations of the tax practice area and deliver quality tax services that will increase the firm’s reputation. You will oversee the work of accountants, review financial statements, and prepare reports. Schedule: Monday to Friday. 

Job Type: Full-time. 

Interested parties please call 214-646-0300.  

Duties and Responsibilities: 

  • Manage and Prepare tax returns for over 2,000 individuals, businesses, non-profits and estates 

  • Contact clients to obtain tax documents 

  • Review tax returns with clients 

  • Provide basic tax planning/solutions services to clients 

  • Accounting/Bookkeeping for firm clients in various accounting software (QBO, QBD, Intacct, Xero, Wave, Zoho Books, BQE Core, etc...) 

  • Other administrative tasks when necessary: 

  • Plan and schedule appointments and events 

  • Greet and assist onsite guests 

  • Answer inbound telephone calls 

  • Draft correspondences and other formal documents 

  • Develop and implement organized filing systems 

  • Manage requests from website and social media management company 

Qualifications: 

  • Tax preparation experience is required 

  • Experience with Lacerte / Drake Tax software is required 

  • QuickBooks experience is required 

  • Previous experience in office administration or other related fields 

  • Ability to prioritize and multitask 

  • Excellent written and verbal communication skills 

  • Strong attention to detail 

  • Strong organizational skills 

  • Must be able to speak Hindi and English 

Education: Bachelor's (Required), CPA (required), Enrolled Agent: Preferred. 

Experience level: 3 years. 

Compensation 

Salary: $75,000.00 - $110,000.00 per year 

Benefits: 

  • 401(k) 

  • 401(k) matching 

  • Dental insurance 

  • Disability insurance 

  • Health insurance 

  • Life insurance 

  • Paid time off 

  • Vision insurance 

  • Work from home 

Contact 

Interested parties please call 214-646-0300.