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Ep. #3 – Avoiding Last Minute Tax Stress

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In this episode Marcus Mire, CPA discusses key steps to take in avoiding last minute tax stress.

Show Notes and Key Take Aways

– The biggest causes of stress are the unknown of how much they may owe and being disorganized in regards to their financial data. 

– Tax stress can be illiminated by breaking down accounting responsibilities into “problems that can be solved” and “tensions that are managed” 

– “Doing your taxes” doesn’t have to be a year end event. There are ways to manage those tasks regularly throughout the year. 

– Capture events as they happen and share with your CPA throughout the year. 

– Capturing your transactions is really easy and can be done on your mobile device if you use a cloud accounting software like Xero. 

– Meeting with your CPA to discuss life changes and specifics about your situation can provide tremendous advantages in tax planning. 

– If your financials are up to date and you talk to your CPA regularly you can form estimates on your future tax liability and prepare for it. 

– When you aren’t sure what you owe in taxes you aren’t sure what you can spend on other things. 

– The IRS offers a “Safe Harbor” method to pay tax estimates without penalty.

– If you have any complexity in your situation avoid doing your taxes without professional help. 

– Find a CPA that can help you estimate your taxes and put you on a path toward better ongoing accounting.

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