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Rea & Associates’ Alan Hill Explains When To Contact a CPA

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Rea & Associates’ Alan Hill Explains When To Contact a CPA

September 09
22:54 2019
Rea & Associates recently announced that Alan Hill, CPA, who works at the firm’s Mentor office, shared helpful tips on how to know when to contact a Certified Public Accountant (CPA). The company indicated that these tips are meant to provide valuable financial help to readers.

Mentor, OH – September 9, 2019 – Alan Hill, CPA, a principal at Rea & Associates’ Mentor office recently shared tips helpful tips about when to contact a CPA. Hill shared that major life events, such as marriage, divorce, and home purchases, can impact tax situations. Hill stated that such events can impact tax filing, benefits, and tax bills. Hill stressed that, for these reasons, year-round tax planning should be a priority.

Hill mentioned that marriages, for instance, often move couples into a higher tax bracket (due to the combined incomes). Hill said that this change needs to be reflected in newlyweds’ tax planning strategy. Hill indicated that newly married couples need to determine if they wish to file jointly or separately. Hill also mentioned that newlyweds may be able to claim an additional exemption, due to their change in status. Hill said that a CPA like Rea & Associates can help newlyweds through this decision making process.

Hill also mentioned that divorce can greatly alter a couple’s tax status. Hill warned that those who have recently gone through a divorce will need to revert to their pre-marital status of either “single” or “head of household. Hill also cautioned that those going through a divorce should ensure that all dependents, tax credits, deductions, and overpayments are accurately divided between each party.

Hill announced that a home purchase can lead to increased savings at tax time. Hill stated that the interest portion of mortgage payment and real estate taxes are tax-deductible. Hill also said that the homeowner’s exemption may save homeowners money from years of property maintenance. Hill pointed out that energy-efficient homes may allow homeowners to qualify for additional tax credits.

Hill stated that other life changes that can impact someone’s taxes include having children and retiring. Hill pointed out that parents can claim each dependent child for a tax credit. Hill also mentioned that potential retirees should contact their CPA before receiving any retirement distributions since such distributions can impact the tax bill. 

More information can be found on the company’s posts at https://www.facebook.com/reacpa.

Rea & Associates, also found at https://www.storeboard.com/reaandassociates, closed its announcement by providing company information. Rea & Associates has been helping Ohioans save money on taxes for over 80 years. The company provides a range of other accounting and business consulting services.

Media Contact
Company Name: Rea & Associates
Contact Person: Becca Davis
Email: Send Email
Phone: (440) 266-0077
Address:7201 Center St.
City: Mentor
State: Ohio 44060
Country: United States
Website: www.reacpa.com/mentor-cpa-firm