OK.  Today’s the day.

And, from my point of view.  I’m so pleased that this is the first time in a long time, that the holiday of Pesach (Passover) did not interfere with my ability to serve my clients’ needs.  That’s right- Pesach won’t be here until Friday, so I could spend this past Sunday to Friday analyzing my clients’ needs and helping them pay the lowest amount of taxes required by law.

(Just so you know.  We are STILL available to help you today.  If you need your taxes filed, get on the phone to us and upload your documents to our secure site. We’ll make sure you will be paying the lowest amount of taxes required by law, as well.)

Of course, things are a little different nowadays.  When I started computing taxes (believe it or not, that was  more than 4 dozen years ago!), the US Post Office (the predecessor of the US Postal Service) stayed open until midnight.  With postmen (they were almost all male) standing in the middle of the street by the post office, with their big bags collecting stamped envelopes from the drivers (taxpayers) desperate to obtain that coveted 15 April postmark, thereby avoiding any penalties or interest.  Now, most post offices are closed by 5, and mail pickup is no later than 5:30. But, you can electronically file until 12 AM on 16 April (local time).  (Hmm. Now you know why we have an office on the West Coast...)

[By the way, if you live in Massachusetts, it’s Patriot’s Day.  So your taxes are not due until tomorrow.  It also means its the 123rd (it did start in 1897) running of the Boston Marathon!]

But, please, don’t think you are done with your taxes until next year.  That is NOT the way to ensure that you can pay the lowest amount of taxes required by law.

No, now  (actually this should have been done by 1 January) is the time to find a reputable tax/business advisor to get your finances in order.  (And, of course, who better than us?)  Because, even now, you are 106 days late in your planning.

Do you have a business?

1. Are you an LLC or a corporation? Do you know why you made the choice- or not at all? Does this position still really fit your needs?  This question is even more important now that the Tax Cut & Jobs Act obtains, with all new those tax rates and rules.
2. Are you paying yourself reasonable compensation? (If not, your tax situation could be in great jeopardy.  And, what was reasonable last year is not guaranteed to be reasonable this year.)
3. If your revenue is seasonal (or cyclical), are you determining your tax liability quarterly, to have your tax deposits match your cash flow? (Instead of dividing the liability in 4 and making equal payments.  Which can dramatically hurt your cash flow!)
4. Do you have a retirement plan? Do you think that it is too expensive?  The alternative is to not have enough to keep you in the style you’ve become accustomed when you retire.
5. Have you evaluated your insurance (including health) programs?
6. What about your car? Your vacation policies?

Then, there’s our personal finances.

1. Can you have an IRA to prepare for retirement?  (If your spouse is covered by a pension/401(k) plan, then your IRA deduction may be limited or non-existent.)
2. Do you offer rental property? Can you qualify as a real estate professional to yield the best deductions?  Again, the Tax Cut & Jobs Act has made rental property a QBI [qualified business income] shelter.
3. Do you need to make estimated tax payments?  There are penalties (the IRS waived them this year for W2 employees) if you haven’t made estimated tax payments  and owe money comes tax day.
4. Is there a better way to track deductible expenses? (And, do you know which deductions are the most important for you to track?)
5. Do you have household employees (daycare, in-home health care)?  Are you dealing with this properly?

Obviously, these are not all inclusive questions.  They are just the starting points to insure that you pay the taxes required by law- but only the minimum amount.  And, that you can do the proper tax planning to ensure that event.

That’s among the services we offer- 12 months a year…  That’s the kind of advisor you should be seeking and employing.

 Yesterday was a special day, too.  154 years ago we encountered the first assassination of an US President.  An act that has been attempted far too frequently since then.  (Yes, I know.  David Baldacci, the mystery writer, wants us to include the conspiracy to murder George Washington in our history, too.)

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