What questions should you ask your accountant about IRS tax changes?


Quick Answer

Common IRS tax questions to ask an account relate to inflation adjustments, retirement, health care, timing of filing, reductions to tax amounts and filing statuses, reports both Forbes and the U.S. News and World Report. The Internal Revenue Service website also offers a list of tips to assist taxpayers.

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Full Answer

Inflation impacts the amount of credits available, and taxpayers can ask about its effect in the current year. These questions can assist with financial planning and determining whether a purchase is eligible for a credit or deduction, states the U.S. News and World Report. A taxpayer can also ask about retirement, and how much money to contribute to an eligible savings plan. Certain limits apply based on a taxpayer's age. Finally, taxpayers can ask about health insurance penalties and flexible spending account changes each tax year.

Taxpayers can also ask accountants about filing early. The main benefit in filing early is receiving a potential refund faster, lists Forbes. In addition, filing early can prevent last-minute scrambling in case certain forms are missing or needed. Exemptions and deductions have similar impacts on reducing taxable income, whereas credits are direct reductions on taxes owed. Finally, taxpayers can ask about filing statuses, such as filing separately or married.

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