It's hard to believe it, but with the arrival of the fourth quarter of 2021, it's already time to start preparing for the 2022 tax season. That means starting to think about what events during the year may have had an impact on your tax situation, and gathering any applicable records related to those events so that you can send them to us early next year to get a head start on preparing your tax return. Events to consider include:
- Sale of stocks
- Sale of personal property (including cryptocurrency, which the IRS considers to be personal property)
- Starting to get income from social security and/or retirement accounts
- Starting a new job
- Starting to rent out property
If you are wondering what type of impact any of these events or other events might have on your tax situation, we can run a simulation for you to give you an idea of what your tax obligations might be under various scenarios.
Client questions about pending tax legislation in Congress
As headlines recently have been dominated by legislation making its way through Congress which would make some changes to tax laws, we have had many clients reach out to us with questions about what impact certain proposed changes might have on them. We just wanted to let you know that as always, we are following any potential changes to the tax code very closely, but overall the changes currently being proposed would have little or no impact on the vast majority of our clients. We will have more information on the subject if and when any legislation is finalized.