Instead of looking backward when it comes to taxes, consider looking forward.
On the one hand, tax compliance is retrospective in that it documents things that have already happened. When it’s time to do a return, there’s nothing we can do to change the actual events that have taken place; all we can do is utilize them as best we can to minimize your tax liability.
However, if you get your tax advisor involved before your major events, we can make sure that you are doing everything in a manner that will minimize your tax issues. This is particularly true when it comes to sales of property and businesses, which can often be executed in a variety of ways. Getting us involved up front allows us to offer input on how to structure your transaction, to make sure you are paying the least amount of tax possible in your situation.
Also, most skilled tax advisors have a lot of experience with property and business sales in general, and we can offer advice beyond just tax. It never hurts to have an intelligent, knowledgeable eye look at what you’re thinking about doing before you lock it in.
The bottom line: When in doubt, ask for help. At a minimum, you’ll have peace of mind knowing that you did everything you could. In the best case, you’ll have saved yourself a lot of money, or a lot of headaches, by making changes in advance that you wouldn’t be able to make after the fact.