10 Things to Ask your CPA

I'm sure we are all painfully aware that tax season is officially here! For most people, that means hours digging through files and waiting for things in the mail. Then you hope you got everything and hope your software or accountant checks for everything else. Oftentimes you leave the appointment wondering, did I ask the right questions? Well, wonder no more! ​

​Next time you meet with your accountant, review this list of questions with them to make sure you have all your bases covered.

1. Did I take advantage of all retirement opportunities?
   1. Remember there are lost of options in addition to your 401k. Make sure you have considered post-tax options like a ROTH or life insurance.
2. Am I taking advantage of industry-specific deductions?
   1. Many professions and industries have specific deductions or treatments. Missing out on these can be costly!
3. Will offering health insurance help or hurt my employees?
4. Am I subject to the employer mandate for health insurance?
5. Have I optimized my vehicle expenses?
6. Am I safe in the event of a tax audit?
   1. Every return has areas of weakness. The key is to find your weaknesses and shore them up.
7. What is my succession plan and is it tax-efficient?
8. Am I saving for my kids' education in a tax-efficient manner?
   1. Also, if you have kids currently in school, are you coordinating all available tax benefits?
9. What should I have done differently in 2016?
10. What's next?
    1. Make sure you and your accountant are on the same page and that your current tax plan is still working and will continue to serve you well. Make sure you understand what trigger points will cause your plan to lose its effectiveness.

It is never too late to have a professional review your tax return to help find areas for improvement. If you have any of these question unanswered, give us a call to see if we can help! 435-275-8400

Happy tax season!