It might seem that the only benefit of working with a personal tax accountant is having confidence that your tax return is completed accurately. The reality is that you can get a great deal of sound advice from a personal tax accountant, so even if you suspect you could handle your return on your own, it is a good idea to use an accountant as a valuable resource for tax advice. Here are some words of wisdom that your personal tax accountant might share with you:

  • Keep your tax returns and all supporting documents and receipts for three years.
  • Be sure to thoroughly destroy all documents that you no longer need that could be used to steal your identity.
  • Know how long your bank keeps your online statements available and be sure to print out those that have tax-related financial information on them so you can save them for the three years mentioned above.
  • Retain documents related to stock and bond purchases, reinvestments, and stock splits for as long as you own the investment.
  • Discuss planned financial transactions with your personal tax accountant in case timing is an issue, such as the difference between short-term and long-term capital gain and excluding the proceeds from the sale of a personal residence if time conditions have been met.
  • Consider an annual tax planning session with your personal tax accountant to learn about tax changes that could favorably or adversely affect you if you do not act accordingly.
  • Don’t be shy about contacting your personal tax accountant throughout the year should your financial situation change or you have questions.

At TaxCom, LLC, we offer a wide variety of services as trusted personal tax accountants. We can assist you with services such as tax planning, tax preparation & filing, small business taxes, bookkeeping, payroll, new business setup, tax ID setup, resolving tax problems, and tax help throughout the year. Reach out to us today to learn more.