Red Carpet Retirement™

Avoid CPA Mistakes: Why you Should Check your Tax Return (Ep. 23)

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Avoid costly CPA mistakes on your current or next tax return!

Today on Red Carpet Retirement, Adam talks about common but unintended mistakes CPAs make. Our discussion isn’t about pointing fingers but rather about uncovering common oversights in the filing process, how they happen, and, most importantly, how you can avoid being caught by surprise with unnecessary tax hits.

Adam’s Key Takeaways: 

  • Ensure all 1099 forms, especially revisions, are communicated to your CPA to avoid overpayment
  • Be aware of Roth conversion reporting and ensure it’s reflected accurately to prevent unjust taxation
  • Qualified Charitable Distributions (QCDs) can be mistaken for taxable income if not reported correctly
  • Reviewing your tax return, or having a financial advisor review it, is crucial for catching and correcting any overlooked errors
  • And more

    • Make sure your path to a seamless retirement isn’t derailed by avoidable tax mishaps. Stay tuned for our next episode where Adam discusses some of the opportunities missed by CPAs.

    Resources:

    • How to Maximize Your Retirement Savings Using the Mega-Backdoor Roth Strategy (Ep. 18)
    • Use Roth Conversions to Reduce Your Lifetime Taxes: Turning Financial Lemons Into Lemonade (Ep. 17)

      • Connect with Adam Scott: 

      • LinkedIn: Adam Scott
      • LinkedIn: WellAcre Wealth
      • WellAcreWealth.com
      • Phone: 310-220-4946
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        Red Carpet Retirement™By Adam Scott