Mid-Year Check-In with Your Accountant: What to Expect

Businesses, Individuals, Tax Planning, Taxes

As the halfway point of the year approaches, it’s a good time to schedule a mid-year check-in with us at Shah Tax and Accounting Services. This is a chance to review your finances and tax situation, and make sure you’re on track for the rest of the year.

During your mid-year check-in, we will likely review the following items:

  • Your income and expenses
  • Your tax deductions and credits
  • Your retirement savings
  • Your investments
  • Your estate planning documents

We will also be able to answer any questions you have about your finances or taxes, like ensuring you’re taking advantage of all the deductions and credits you’re eligible for, and or planning for the future.

Here are some commonly known items that should be considered for a tax or financial planning perspective:

  • Income: Make sure you’re reporting all of your income to the IRS. This includes both earned income (such as wages and salaries) and unearned income (such as interest, dividends, and capital gains). Often employers send corrected W-2s or our clients realize a 1099-INT form got missed in the mail. We can help with corrections and track reportable income for next year to maintain tax filing accuracy
  • Expenses: Keep track of all of your expenses throughout the year. This will help you determine your taxable income and identify any potential deductions or credits. So many of our clients realize after the fact that they could have disclosed to us that they purchased an electric vehicle or made energy-efficient upgrades to their homes and businesses, which could allow them to take advantage of tax credits
  • Deductions and credits: There are a number of deductions and credits that you may be eligible for. We can help you determine which deductions and credits you’re eligible for and how to claim them. We can help proactively plan as well so that you’re able to maximize deductions and credits as appropriate.
  • Retirement savings: Make sure you’re saving for retirement. There are a number of tax-advantaged retirement savings plans available, such as 401(k)s and IRAs. We can help you understand what percentage of your income or what maximum allowable amount should go towards retirement to meet your financial goals
  • Investments: Review your investments to make sure they’re aligned with your financial goals. we can help you make sure your investments are diversified and that you’re taking on an appropriate level of risk
  • Estate planning: If you have any assets, it’s important to have an estate plan in place. This will help ensure that your assets are distributed according to your wishes.

Here are some lesser known items/reasons to consider:

  • Health insurance: If you’re self-employed, you may be eligible for a tax credit for health insurance premiums.
  • Education expenses: There are a number of tax breaks available for education expenses, such as the American Opportunity Tax Credit and the Lifetime Learning Credit.
  • Charitable giving: You can deduct charitable contributions on your taxes.
  • Home ownership: There are a number of tax breaks available for homeowners, such as the mortgage interest deduction and the property tax deduction.
  • Business expenses: If you’re self-employed, you can deduct business expenses on your taxes.

How Shah Tax & Accounting Services can help:

Shah Tax & Accounting Services can help you with all of your tax and financial planning needs. We can help you:

  • File your taxes
  • Review your finances
  • Help you make sound financial decisions
  • Plan for retirement
  • Create an estate plan

We have a team of experienced tax and financial professionals who can help you with all of your needs. We understand the complex tax laws and financial planning strategies, and we can help you navigate the process so that you can achieve your financial goals.

If you have any questions about your taxes or finances, please contact us today. We would be happy to help you

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Businesses, Individuals, Tax Planning, Taxes

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