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Taxes don't have to be a surprise every year

Taxes don't have to be a surprise every year

| March 17, 2020

I know that we're all going through that annual ritual of putting together our federal and state taxes.  Hopefully, you're using a CPA or bookkeeper. 

Having professional help with tax math is some of the best money I spend every year.  In fact, a CPA we are close with called recently after discovering an easy error to make with Minnesota tax free bond income, and let us know about the work around saving the client 10% on their impacted dividends!

This year was about as good as its been for us on estimates for what was due.  Allison and I are well within 1% of our income on how much taxes we owe or get a refund. 

For the last several years, I've been a big believer in setting a reminder in July to send our June 30 paystub to my accountant and adjusting withholdings for federal and state for the rest of the year as necessary. 

It's a simple thing to do, but especially lately, with the tax law changes, it's been nice not to have to worry about whether or not I'm going to have a huge bill or a large refund coming.

If you'd like help doing your tax planning, we'd be happy to get estimates to your accountant and help you through this process, so hopefully you don't have any big surprises either. 

We can also help you take steps if you're taking distributions from your retirement account to eliminate sending in quarterly payments for federal and state taxes. 

While we might not be happy with the amount that we have to come up with, at least we can minimize the surprise factor a little bit!

Thanks for taking a look!