Year-round Tax Planning

Northwest Tax Group offers experienced, professional tax preparation and planning for individuals. We offer expertise, flexibility, and multi-tiered pricing to meet any budget.

Year-Round Assistance for Your Personal Tax Needs

Our tax professionals are available year-round to help you develop tax planning strategies, an important part of your overall financial plan. Many individuals resolve to do their tax planning during the last few months of the year. However, to effectively reduce your current and future tax liability, planning should be a year-round endeavor. 

The following is a list of questions which may be helpful to consider when assessing the need for year-round tax planning assistance. If you answer "Yes" to a number of these questions, you may want to seek the services of a tax professional to help you minimize the impact of these items.

  • Did you owe the IRS a substantial amount in taxes last year?
  • Did you receive a significant refund from the IRS last year?
  • Are you maximizing your qualified employer plan and IRA contributions?
  • Are you eligible for “catch-up” contributions?
  • Are you within three years of retirement and participating in a Section 457 plan?
  • Do you plan to purchase or sell a principal residence this year?
  • Are you adding energy-efficient improvements or making any substantial upgrades to your home, increasing the basis?
  • Are you using your residence for business purposes?
  • Will you be returning to school, making you eligible for the Lifetime Learning Credit (LLC)?
  • Do you need to sell appreciated stock to pay college tuition?
  • Did you know that the tax treatment for 529 Plans has been made permanent?
  • Will you have a change in marital status this year?
  • Have you recently had a child or are you expecting?
  • Are you liquidating retirement assets in tax-efficient order?
  • Will you turn 70 1/2 soon?
  • Will you be eligible for Social Security in the coming 5 years?
  • Will you change jobs this year?
  • Will you have job relocation or real estate transactions this year?
  • Do you plan to start a business?  This opens up all sorts of new tax planning options.
  • Are you considering the sale of a business?
  • Will you receive distributions of employer stock this year?
  • Do you anticipate significant medical expenses?
  • Are you planning to purchase long term care insurance?
  • Are you going to make any charitable contributions or set up a Charitable Remainder Trust (CRT)?
  • Is it time to sell your portfolio losers to offset capital gains?
  • Are there any capital gains or losses to be evaluated for tax impact?

Answering these questions can often serve as the beginning of an effective year-round tax plan. If you would like to discuss your personal situation, contact us today. We look forward to being of service to you.
 
NWTG also prepares U.S. federal tax returns and state tax returns for Corporations, Partnerships, Limited Liability Companies, Estates, Gift Tax, Trusts, Fiduciaries and Exempt organizations. If you would like more information regarding Business Tax Services, please contact us.