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December 07, 2006


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I think the author meant that peaople should go in and see their CPA before the end of the year to get an idea of what their tax liability is going to be for the current tax year (also called a tax pojection). For example, I have a lot of clients come in around November or December to see what they are going to owe in taxes for the year ending 12/31. If things need to be done to decrease taxes such as selling loss investments, giving to charity, or increasing 401k contributions, etc, it gives the client a couple of months to get their tax situation straightened out before the end of the year - or they might start saving for a large tax bill. Clients who do this usually make a lot of money &, thus, pay a lot more in taxes.

Then in February or March the client will send in documents to actually file the tax return for the prior year - I think this might be what you are referring to...

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