Article Highlights:
- When to seek professional assistance
- Examples of times where tax saving moves can be made
Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call this office any time you have a substantial change in taxable income or deductions. By doing so, we can advise you about how to optimize your tax liability, avoid or minimize penalties, estimate and pre-pay required taxes, document deductions, and examine and explore tax options. You should call this office if you or your spouse:
- Receive a large employee bonus or award
- Become unemployed
- Change employment
- Take an unplanned withdrawal from an IRA or another pension plan
- Retired or are contemplating retirement
- Moved or otherwise changed your address
- Sold or purchased a home
- Exercised or are planning to exercise an employee stock option
- Have significant stock gains or losses
- Refinanced or plan to refinance your home mortgage
- Get married
- Separate from or divorce your spouse
- Sell or exchange a property or business
- Experience the death of a spouse during the year
- Inherit property
- Turn 72 during the year
- Increase your family size through birth or adoption of a child
- Start a business, acquire a rental property, or convert your home to a rental
- Receive a substantial lawsuit settlement or award
- Get lucky at a casino, lotto, or game show and receive a W-2G
- Plan to donate property worth $5,000 ($500 if a vehicle) or more to a charity
- Plan to gift more than $16,000 to any one individual during the year
In addition, you should call whenever you receive a notice from the government related to your tax return. You should never respond to a notice without first checking with this office.
If you have any questions, please contact our office at (503) 224-5321. Isler Northwest LLC is a firm of business advisors and CPAs in Portland, Oregon. Our service goal at Isler Northwest is to earn our clients’ trust as their primary business and financial advisor.
Isler Northwest
1300 SW 5th Avenue
Suite 2900
Portland, Oregon 97201
