2019 4th Quarter Tax Strategies are Action-Packed

The best-laid plans of mice and taxpayers often go astray and leave both in a dark place with no easy way out. Without strategies, even sensible plans aren’t much more than wishful thinking and regrets.

2019 4th quarter tax strategies

Three of the most action-packed tax months are right around the corner. Think of it, three months to take control, take action and protect your own money! If you want to make a year-end tax plan and set up strategies, your first step is to make an appointment. Opportunities run out when you don’t have time to make those needed changes! We know how to help you.

Whether you’re an individual, family, or business taxpayer, it’s time to review your tax plan and fine-tune your strategies. If you don’t have a tax plan, you’re in the majority, but it’s not too late to get going with a little bit of help from an expert. Here’s how it works:

Tax strategies are specific steps needed to reach goals that are the basis of your tax plan.
Goals may begin as dreams or wishful thinking, but if you make tax plans and tax strategies to meet your goals, you’re on the right path.
Tax plans are the result of the analysis of the pieces of your life. These include individual and business issues, estate responsibilities, a growing family, insurance, retirement, and more.
A strategic tax-advantaged plan is a fine-tuned plan with dynamic, flexible goals.

Goals + Plans + Strategies = SUCCESS

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What does your 4th quarter tax review accomplish?

If you think you’ve been overpaying individual and business taxes, do you plan to keep doing that? Has your tax person talked to you about a 4th quarter tax review?

Did you file an extension for the 2018 tax year? Now that you’ve seen your 2018 numbers, a 4th quarter tax review is even more critical. A plan with goals and strategies, along with time to take action could make 2019 a much better tax year.

Are you ready to review your tax situation? You still have time to make solid plans and goals for year-end and set up specific strategies. Without a plan and strategy, when you (if you’re a DIYer) or your tax person finish up your 2019 tax year returns, you overpay the IRS again.

Plan now, and avoid surprises later!
Schedule your appointment in
Fort Smith Fayetteville Bentonville

The DIYer and new tax laws

The Tax Cut and Jobs Act of 2017 is still pumping out changes. If you ask “what changes?” prepare for some unpleasant surprises at tax time!

If you had a plan in January, chances are your strategies to meet your goals need to be adjusted. Three months is enough time for strategy changes to be made and carried out.

Want to go up against the IRS? They do taxes for a living, and if I gambled, I’d bet that the majority of taxpayers don’t DO taxes! They just fill out forms.

The IRS has tax filing statistics
Check them out here!

BASEBALL statistics are more current than the IRS–but the IRS has numbers! Here are a few results as of their latest reporting for the week ending 5-10-2019:

Self-prepared e-filings went up 4.2 percent
Visits to IRS.gov went up 8.2%
Total amounts of refunds went down 2.7%
Average refund went down 1.7%

Adding to this, the IRS expected approximately 14.6 million people (one in ten filers) would request an extension to file their 2018 taxes — the largest number of requests received in a year. That number is expected to go up for 2019.

Who helps you with tax problems?

Did you know that if the IRS says you own them money or you’ve done something wrong, the IRS is RIGHT until YOU prove them WRONG? Also, be aware that if you go up against the IRS, you’ll probably be on your own unless you’re willing to pay some costly representation fees.

The IRS gives three types of highly trained practitioners unlimited rights to represent you before the IRS:

Enrolled Agents
Certified Public Accountants
and Attorneys

Tax professionals with these credentials may represent their clients on any matters including audits, payment/collection issues, and appeals.

The IRS also allows some preparers without the above credentials limited practice rights. They may only represent clients whose returns they prepared and signed. But their authority extends only before revenue agents, customer service representatives, and similar IRS employees, including the Taxpayer Advocate Service. They may not represent clients whose returns they did not prepare, or clients regarding appeals or collection issues even if they did prepare the return in question.

The IRS also allows A SPECIFIC AMATEUR to represent you.

Are you sure you want to be represented by an amateur selected by the IRS? Many taxpayers rely on this amateur to not only prepare their taxes but to represent them before the IRS. The IRS had the upper hand in most of the cases, winning about three-quarters of them outright, while taxpayers won only about 10% outright. The rest were split decisions. Who is this amateur? You are.

Anything else?

Sure, remember the mice. The best-laid plans of mice and taxpayers will leave you in a mess unless you have strategies to meet your goals. Do more than wish for success!

The bottom line

You want control of your future. As your CPA financial and tax specialist, I help you manage and control your overall economic life goals, including your 2019 4th quarter tax review. It’s that simple.

Call us at 479-478-6831

Use my or you can email us.

I earned my reputation as The Radical CPA

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Thank you, Robert Burns! John Steinbeck, Sydney Sheldon, and a double-handful of others find logic in your poem about the “Wee, sleekit, cowrin, tim’rous beastie.” I’m proud to be in the group!