Minimizing your tax liability is a year-round effort as life events will have an impact on your tax situation. In most cases, proactive tax planning during the year can minimize unexpected tax consequences during tax season. If you experience any of these life events, please call our office:

1. Buying, selling, or exchanging any real property (land or building), including converting your personal residence into a rental property.

2. Selling securities or cashing in savings bonds that you’ve owned for quite a long time.

3. Changing your marital status as a result of marriage, divorce, or death.

4. Starting your own business.

5. Expecting a significant increase in your income and/or deductions.

6. Receiving a tax notice from the Internal Revenue Service or a state taxing authority.

7. Receiving distributions from a retirement plan for the first time.

8. Receiving an inheritance.

9. Changing jobs, retiring, or else moving to a new state as a result of a job change.

10. Making a gift to any one person totaling more than $18,000 in 2024.

For more information about our tax planning services, call our office today at (727) 391-7373.