Wednesday, January 2, 2554

Time (second) best of the year

Mid March. Northern climates are emerging out of their cocoon winter as temperatures climb, while southern climates (Northern Hemisphere) savor temperatures are perfect for all types of recreation and leisure. Yes, the nature and love in bloom — not to mention the pent up energy.

Still two creatures remain in hiding — college basketball fanatics and your Certified Public Accountant (CPA). I confess, come summer, I'm jealous of my tax preparing siblings, but not now. They work just as much, if not more so than most when adjusting for their program of 14/7 this time of year. I spotted one swim CPA-MOM work last weekend to nose-bleed seats, working on his laptop.

So this season with your CPA. Not with a card that requires time to open or with food since they don't have time to exercise. Thank you to:

Provide your information as early as possible and in an organized manner. If anything is missing, making an obvious note of it with an expectation of when it will be provided. And if you can provide the real numbers that are on the form so that they can add and view the implications, which is ideal.Highlighting problems compared to the previous year that have fiscal implications. And take note of those elements that will impact estimated taxes for the current year. Don't expect the CPA to recall a conversation by July, with long hours and little sleep. And don't be offended when they ask.That connects directly with other professionals. Make sure your CPA and your financial planner are authorized to communicate and share information directly, mainly because your financial planner can help you with the first two elements. Having an intermediary between two professionals competent loses time and increases the chance of errors.If you wait until April to provide your information, you should introduce the idea of an extension of deposit and bear the consequence of paying the extra 15 April or risk a penalty. As the adage goes, "the delay on your part does not require an emergency on their part."

Remember these thoughts and the CPA you will appreciate a lot more. You can bake them cookies in June for the energy to walk the course during their well-deserved down time. Here are some of my favorite quotes for the season.

It would be a hard rule that would tax his people one-tenth of their income.
-Benjamin Franklin's poor Richard's Almanac, wary of strong drink 1758Be. You can shoot at tax collectors … and not to be missed.
-Robert a. HeinleinWe argue that, for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to raise the same for the handle.
-Winston ChurchillThe hardest thing in the world to understand is the income tax.
-Albert EinsteinIt is a good thing that you don't get as much Government as we pay for.
-Will Rogers

Aaron Coates

Aaron Coates, CFP ? TOP
Financial Advisor
Valeo Financial Advisors, LLC
Indianapolis, IN

Posted in taxes | Tagged CPA, taxes, tax implications | Leave a CommentBe the first like this post.

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