Tax preparation means gathering your records and filing a return for the year that has ended. Tax planning means reviewing a decision before you make it, while there may still be time to change its timing or structure.
You may need both. Your return gives us a record of your income, deductions, and payments. A planning conversation starts with what has changed and what you expect to do next.
When to call before filing season
Contact your tax professional before a major transaction, such as selling property or a business, converting retirement funds to a Roth account, or making a large charitable gift. Those conversations are more useful before the transaction is complete.
Smaller changes deserve attention, too. A rise in business income, a new source of income, or a change in withholding may be a reason to review estimated payments during the year.
What to bring to the conversation
- Your most recent tax return.
- A current estimate of income, withholding, and estimated tax payments.
- The details and expected date of any sale, conversion, gift, or business change.
- Questions you have already discussed with an advisor or attorney.
When another professional should be involved
A tax question may also involve an investment account, a trust, a business agreement, or an insurance policy. With your permission, we can discuss the relevant details with the professionals involved. Each remains responsible for the work covered by their engagement.
You do not have to use several Koala services to get tax help. We can prepare your return, address a specific question, or agree on a separate planning engagement.
This material is for general educational purposes only. It is not personal tax, accounting, investment, insurance, or legal advice, and it does not create a CPA, advisory, insurance, or attorney-client relationship. Tax and accounting services are provided through Koala Financial, Inc. (CPA division).