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Tax Tip - July 21st, 2008

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Your adviser asks questions for a reason

During tax or financial planning sessions, you may expect to ask lots of questions. What can be unexpected is the number of questions your advisor will ask you — questions that might leave you wondering, why do you want to know that?

The answer: To add value to the solutions you're seeking. Effective inquiries reveal potential problems, eliminate assumptions, and develop a full understanding of your financial situation.

Illustration: Say you've set up a Web site. You consider the site a hobby, and you're surprised when your tax advisor begins asking questions.

Yet, if you're selling products or services, or collecting advertising revenues from links or referrals, you may have sales and income tax responsibilities. Your estimated tax payments might need to be adjusted to avoid underpayment penalties.

Questions from your advisor now can prevent surprises at year-end.

Other benefits of questions posed by your advisor include:

  • Tax-saving opportunities. Questions move the advice you receive beyond 'yes or no' answers. An example: Asking about your business operations might lead to an asset-purchasing strategy that lets you take advantage of immediate expensing.

  • A big picture outlook. Questions draw out your overall situation. For instance, maybe you're planning to make a state estimated tax payment, and you're focused on tax savings generated by the itemized deduction. But the deduction may be worth less than you believe if the alternative minimum tax comes into play.

An advisor's questions can help you achieve the greatest tax savings available in your specific circumstances. We encourage you to contact us with all your questions — and to expect us to look out for your best interest by asking questions in return.

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