Tax Form

When people hear the word hero, many picture different caped crusaders flying through the air, saving people from an evil villain trying to take over the world.  But in the investment world, the unsung hero that many people take for granted is the tax accountant.

You might have been in this scenario before, it is April 11th, you are working at a feverish pace to gather all investment statements, receipts, and other important tax information.  Your once perfected handwriting has now become the ravenous scribbles that resemble an elementary school toddler.  As you stuff, cram, and push all documents into a next day air envelope addressed to your tax accountant, a wave of calmness covers you and a sigh of relief is let out.  Little do you know that this is only the beginning step for the people receiving your tax package.

Long drawn out days coupled with endless nights are an annual routine for anyone who lives in the tax world.  Many of which welcome it with open arms, while others simply grab any snacks and energy drinks they can find and work through the season.  C.H. Dean, Inc. is privileged to have some of the hardest working tax professionals.  Season after season our tax department makes sure that your return is correct, filed properly, and is completed in a timely manner as well.

Recently we were able to sit down with Matt Wallace, Senior Associate within Dean Financial Services, for a small Q&A over the last tax season.

Q:  Any important Tax law changes or anything clients should be aware of?

A:  Congress has begun looking at revamping the tax code as the so called “Bush Tax Cuts” are set to expire at the end of the year. If left alone all tax payers will see a rise in their income tax liability. From what I have been reading, many believe that the “Bush Tax Cuts” are going to get extended.  In spite of the fact that President Obama will be campaigning to allow the Bush rate cuts to expire for the upper-incomers. The general assumption is that Obama will cave on the Bush rates as long as the GOP will concede on continuing payroll tax cuts for workers, a debt limit hike, and more spending on jobless benefits and other items. A compromise of this nature will give congress time to start working on a serious overhaul of the tax law for 2013 or 2014.  In addition, the results of November’s election will play a factor in how all of this plays out over the next six months. I would not expect to see much on these issues until late in the year near the lame duck sessions.

Q:  What are some important upcoming dates?

A:  September 17th – All extended corporate and pass through entities returns are due. 3rd Quarter Estimated Payments Due.
October 15th – All extended individual returns are due
November 15th – All extended city returns are due
January 15th, 2013 – 4th Quarter Estimated Payments

Q:  What should I do after my taxes are filed?

A:  Given the current environment in both the financial markets and in Washington, it is now more important than ever to evaluate your current planning and determine if any adjustments are needed. A personal financial planning meeting allows us to sit down with the client to determine how they envision retirement. Once we have this defined we can evaluate current investments and strategies to determine if they are the best course of action in today’s volatile market place to reach their goals. It is important to have a plan and feel secure in that plan.  To schedule an appointment, feel free to contact a Dean Representative.  They can assist with setting up an appointment with one of Dean’s Financial Planners.