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Taxes done

February 21st, 2020 at 11:13 pm

I met with our CPA today to do our taxes. They aren't actually done. He and his crew need to actually do the work and then get back to us with the results. That will take a week or so, but my end is done. He has all of the data he needs.

I'm super organized when I go there, which he greatly appreciates, so we zip through the actual tax part of the meeting pretty quickly. We then move on to the discussion portion: How much do we have saved for retirement? Do I have a retirement age in mind? Have I thought about when to claim Social Security? What's our daughter's situation and to what extent will we need to continue to subsidize her? Do we plan to stay in our current house?

I brought up the inheritance issue I posted about on the forums and we talked about how that will play into everything. For those who don't read the forums, I have a terminally ill relative from whom I am in line to inherit somewhere in the 700K-$1 million range, possibly within the next year or two unfortunately. We talked about what that could mean as far as when I retire.

We talked about selling taxable investments and buying tax-exempt ones. We talked about converting traditional IRAs to Roths.

I love the free form flow of ideas I have with him each year, and he loves it too because most of his clients don't have the financial knowledge that I have and he has to explain every concept to them in great detail. With me, he can just think out loud and throw out ideas and we can discuss them.

As for our taxes, I expect that we'll get a small refund, a few hundred dollars, from the state and that we'll owe under $2,000 on Federal. So net cost of around $1,500 is what I'm guessing. We'll see when they're done preparing our return.

Posted in Personal Finance | 3 Comments »

3 Responses to “Taxes done”

  1. LifeBalance Says:
    February 22nd, 2020 at 05:12 pm 1582391544
    1582391544

    That's neat that you have an adviser that you trust. I use a financially savvy friend but don't have an adviser. Do you pay him by the hour? That would be the perfect arrangement.

    I don't look at the forums so the inheritance is news. That could be a game-changer. I'm sure you'd rather have the person you love over money, but what a gift he's giving you.

  2. rob62521 Says:
    February 23rd, 2020 at 08:44 pm 1582490664
    1582490664

    What a terrific tax person you have! How fortunate for you and I'm sure you are a breath of fresh air for him. I am super organized as far as our paper work and our tax man told me one time how much he appreciated it. I didn't realize how truly organized I am (I figured everyone was, but guess it is the teacher in me to have stuff ready) until he showed me a large paper grocery bag with documents and receipts from someone else. He said having everything ready for him made it go so much more smoothly and cheaper for us in the long run since he doesn't have to plow through a lot of paper looking for things.

  3. FrugalTexan75 Says:
    February 29th, 2020 at 09:21 pm 1583011312
    1583011312

    I'd love to have someone like that I could trust to bounce my finances off of.

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