May 26, 2024
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Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

Why You Should Call Your Accountant Today

I was looking through the newspaper ads last week and came across the Shoprite ad. It was at this moment that I came to a realization. Before every Jewish holiday, no matter which one it is, the large grocery chains always advertise sales on borscht, sardines and jarred gefilte fish. While these may have been the trendy culinary dishes in 1920 Soviet Russia, things are a little different in 2016 America. I have never been to a meal where the words, “Can I have some more jarred borscht?” or “Can you pass some more slime that the gefilte fish is stored in?” were spoken.

Nevertheless, once it’s holiday season Shoprite decides that it’s time to break out the cases of borscht. It’s as if it’s ingrained in their minds that this time of the year means American Jewry just goes nuts for jarred borscht. It’s interesting—I never see them promoting these items throughout the year, it’s only around the holidays.

We tend to treat our taxes the way grocers treat that borscht. For most of the year, we think about our taxes as much as Shoprite thinks about advertising borscht sales. In both cases, it’s assumed that it’s just irrelevant during most of the year. In fact, we only start thinking about our taxes when we get our W-2 and 1099 forms in the mail in February.

This way of thinking is a big mistake, though. Waiting until February, or even March, can cost you some serious cash. The reason is because the key to reducing most tax bills is taking action before the end of the calendar year. Your options are limited once January 1 hits.

Look, I realize it’s only October now. You probably have a million other things besides taxes on your mind, but now is the time to start thinking about your 2016 taxes while there’s still something you can do to reduce your tax burden. This is especially true for the people in the four scenarios below.

The key to minimizing your taxes in April of 2017 may be to take action in October 2016. Speak to your accountant today.

By Daniel Magence, CPA, Esq.

 Daniel Magence, CPA, Esq. is a principal at Pristine CPA Solutions, LLC (www.pristinecpa.com). Pristine CPA Solutions offers tax and accounting services to individuals and businesses of all sizes, whether its tax returns, bookkeeping, payroll services or personal income budgeting. He can be reached at [email protected] or 201-326-6908 if you have any questions or comments, or are interested in using Pristine CPA’s services. Feel free to contact us for a free consultation.

 

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