Retirees

Important Questions For Your Tax Professional
.
Do you know what questions to ask your accountant this year when you meet with him to work on your tax return?
.
There are several important things to discuss with your accountant that could lower your taxes or eliminate or reduce taxes on your Social Security as well as possibly increasing your rate of return and increasing your safety on your investments.

  1. Do you use all or part of your line 8 interest income to live on?
  2. How much would you have to reduce your income to stop or lower taxation on your Social Security income?
  3. Are you taking the proper minimum distribution on your IRA or other qualified plan if you are over age 70 1/2? 
  4. Do you have phantom income from mutual funds?
  5. Are you aware of the formula that determines how much of your Social Security will be taxed?
  6. Were you aware that tax free municipal bond income is used in the calculation to determine how much of your Social Security will be taxed?
  7. Do you know what solutions are available to help reduce taxation of your interest income or Social Security?
  8. Do you know how to increase the rate of return on your safe or emergency money?
  9. Were you aware that millions of Americans have legally reduced or eliminated taxation on their interest and or Social Security income?

These are just a few of the questions that need to be discussed before meeting with your accountant this year.