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The Shakiba Report: Prepare for Tax Day

Tips to help you prepare for Tax Day

Mark your calendars, April 15th is just around the corner.

Trevor Shakiba, private wealth advisor with Ameriprise Financial and Kevin Jenkins, CPA with Jenkins and Associates share their tips on how you can prepare for Tax Day.

Give your tax professional time, don't come to them April 14th with a shoebox of receipts and some random statements.  You really want to give them the opportunity to do the appropriate duo diligence to find everything they possibly can to help you save you money.  -Trevor Shakiba, Ameriprise Financial

  • Don’t procrastinate and get organized
    • The deadline is coming whether you are prepared or not
    • Give your tax professional time to do their job
  • Extension to file is not an extension to pay
    • Taxes are due April 15th with no exceptions!
    • Better to file an extension and get it right than rush and send incorrect info
  • Fund IRA accounts
    • The easiest and most obvious
    • You have until April 15th this year to fund IRA accounts for 2018
    • Maximum amounts are $5,500 if you are under 50 and $6,500 if you are 50 or older
  • Use last year’s return to plan for this year
    • Potentially adjust your withholding by filing a new W-4
    • Have there been any changes in status?
    • Newly married, kids, big raise, retirement..
  • Start thinking ahead
    • Be proactive not reactive
    • It’s not just about saving taxes now, but also in the future
    • Consider Roth 401k’s, Roth IRA’s and conversion strategies if appropriate
  • Don’t fall for fake IRS scams!
    • Don’t be bullied into paying money you don’t owe
    • IRS won’t call and ask for money without prior communication
    • Be careful what you click on in emails

For more infornation about Kevin, you can visit jenkinscpas.com.

For more information or to request a complimentary consultation with The Shakiba Group, call 281-724-9917 or visit, www.theshakibagroup.com.

This article is sponsored by The Shakiba Group.