The holidays are right around the corner, which means 2018 will be here soon. The year isn’t over yet, so there is still time to implement an effective tax planning strategy. Schedule a meeting with a tax advisor to make sure you’re making the most of your income and investments. The following guide will help you start this important conversation.

What to Ask a Tax Advisor This Year

1. What Is My 2017 Tax Bracket?

Depending on your career and income sources, your tax bracket may change from year to year. Significant life changes, like getting married and filing jointly for the first time, can also affect the year’s returns. Do not simply assume that your tax bracket for 2017 will be the same as the one from 2016. The tax advisor will analyze the situation to determine the most appropriate bracket for this year’s filing.

2. Am I Close to Maxing Out My Retirement Contributions?

Individuals can only contribute a certain amount of money to a 401(k) every year. If you have not reached the limit yet, consider increasing these contributions between now and the end of the year. For 2017, the cap for those who are under 50 is $18,000, so find an amount that encourages growth and still leaves you with enough cash on hand.

What Changes Can I Make Before Filing?

After assessing your situation, the tax advisor may recommend certain financial planning strategies that you didn’t even realize were an option like making tax-deductible charitable donations and identifying credits and deductions based on life changes or expenses. Leave some time at the end of the appointment to ask about any additional steps you should be taking towards a more secure financial future.

If you need a reliable accountant in Kailua Kona, HI, turn to Daren Katayama CPA LLC. Their experienced team will help you maximize all possible deductions while minimizing tax liabilities. Visit their website to learn more about the valuable services they provide Hawaii residents. To schedule a meeting and discuss your financial situation with a seasoned tax advisor, call (808) 329-6635.