Law Offices Of Connie Yi, PC
Tell Us About Your Case

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at 925-484-0888 or email us directly at [email protected] to schedule the consultation.

Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

Get
Started

Need some inspiration to get your tax return filed?

| Apr 8, 2016 | Uncategorized |

Federal tax returns are due in about a week. If you’ve been putting off preparing yours, you’re certainly not alone. Many Americans wait until the last minute – which has become easier to do with the plethora of e-filing options now available.

Still, if digging into your tax paperwork sounds like an insurmountable bore, perhaps you can try reframing things in a more positive light. According to one recent news article, tax time is a good opportunity to check on your financial health as a whole. And it’s one of the only times that most of us take a close look.

The USA Today article doesn’t offer much in the way of enticing things to hunt for. The author suggests checking on:

  • Your retirement savings contributions
  • The tax efficiency of your investments
  • Deductible interest paid on certain debts
  • Any interest you earned on cash savings

Those four aspects are not likely to make you at all excited about doing your taxes. But this might: the possibility of getting slightly bigger paychecks throughout the year.

Tax refunds are a nice bonus, regardless of whether you spend them practically or impractically. But if you get a sizeable refund each spring and money is very tight throughout the rest of the year, you may benefit from changing your withholding. It would mean a smaller tax refund but slightly larger paychecks. For a lot of us who struggle with making ends meet, a little extra cash flow each month could make a huge difference.

Of course, if you do your own taxes, you may be missing out on certain deductions and benefits that you aren’t aware of. For this reason (and for the sake of convenience), you may want to hire a certified public accountant to help you prepare your return. And if you end up encountering any trouble with the IRS, please seek the help of an experienced tax law attorney right away.

Categories

Archives

FindLaw Network

Recent Blog Post

What are reasonable fees to charge as a trustee in California?

When implementing an estate plan in California, it is essential to ensure that you receive the proper compensation for the amount of time and work you are putting in. The probate court will look through the amount you charge to see if it is reasonable, especially if...

What to know about life insurance trusts

California families have an exemption for their estate that keeps it from being subject to income taxes. However, above that $11.7 million, the estate tax bill could get large. This is why they need to take measures to reduce the size of their taxable estate. Life...

Are estate taxes headed for changes?

Not every inheritance involves paying estate taxes, but some estates rise above the federal exclusion amount. California residents that feel familiar with state and federal tax rules might not realize changes could happen. Namely, proposals intended to raise tax...

View More Blog Posts