Common Tax Mistakes Small Businesses Make

Small businesses are taking the world by storm as more and more people opt to work for themselves and create their own legacy. With growing businesses come growing pains and many small business owners are prone to making many mistakes – especially when it comes to taxes.

If you are a small business owner, or are thinking about starting your own business, avoid the hassle of tax-time headaches by avoiding these common mistakes:

1 Not Keeping Receipts

If the CRA sees any amounts on your claim that seem a bit too high or suspicious, they are entitled to perform an audit on your return. This would require that you provide receipts as proof of expenses so the CRA can compare the totals to those on your return.

Some businesses make the mistake of relying on their credit card statement as a record of expenses for their company. Unfortunately, the CRA does not accept credit card statements as evidence of expenses.

To avoid any potential issues with receipts and expenses, keep all receipts related to your business. Maintain an organized system by writing exactly what the receipt was for on the back.

2 Claiming Personal Expenses

When certain aspects of your personal life are used to run your business, it is important that you make a clear distinction of what percentage is business and what percentage is personal. When you fail to divide the usage, filing your taxes will become a confusing mess that will need to be sorted out.

For instance, you may use your personal vehicle for business purposes. By tracking the amount of time you use your vehicle for business, and comparing it the time you use it for personal reasons, you can generate a percentage that you can then apply to vehicle-related expenses.

3 Inaccurate Payroll Records

Many small business owners take it upon themselves to manage payroll to their employees. However, a disorganized payroll system not only creates a nightmare when preparing to file taxes but can also result in some hefty penalties if not done correctly.

Speak to a professional accountant about how you can best organize your payroll system and properly classify your employees to avoid tax related issues.

4 Forgetting to Charge HST

When your small business makes less than a $30 000 annual income, a registered HST number is not necessary. Some businesses, however, find themselves experiencing an increase in income and surpass the $30 000 mark before realizing they have yet to apply for an HST number.

It is recommended that all small businesses, despite their annual income, register for an HST number right away. This will ensure that you are prepared should your annual income surpass $30 000. Otherwise, you may be penalized for not charging taxes if your annual income is greater than that amount.

5 Failing to Report Cash or Trade Payments

Some small business owners believe that if a transaction is not recorded on paper then there is no need to claim the payment as income. This is very illegal and all cash and trade exchanged for product or work must be reported.

If not, the CRA may impose severe penalties that include charging interest, court fines and possibly jail time. It is best for all small business owners to report all income and keep copies of receipts made out to customers and clients.

6 Being Disorganized

Overall, the biggest mistake small business owners make is being disorganized. Tax time is the worst time to play catch up on your record keeping.

An experienced accountant can help you keep all your records organized as well as aid you in preparing your taxes.

Contact Liu and Associates today with any questions you may have about organizing your small business and preparing for your tax return.

How to Deal With Tax Collection Actions

Owing money to the Canada Revenue Agency (CRA) is not like owing money to any other debt or creditor. The CRA and its Collections Department is empowered by laws to collect on your debt. This means they negotiate differently than other creditors – they have the means to be more aggressive when working out a payment plan.

Each year after you file your taxes, the CRA sends a Notice of Assessment detailing the information of your return. If you owe money on that return, you have 30 days from the time of the assessment to pay the amount owing. The CRA will usually contact you with a request for payment, by phone or mail, if the amount isn’t paid within that 30 days.

You have 90 days after the date that the Notice of Assessment was mailed to make a payment or set up a payment arrangement. Otherwise, the debt then gets passed over to the Collections Department.

What are the CRA’s collection options?

Because the CRA has more power to collect on a debt than regular creditors, they have various means of seizing the amount owed and apply it to the tax debt:

  • Using money owed to you from other government programs. The first step the CRA will likely take is to use money owed to you, such as your GST/HST credits, and apply these towards the debt.
  • Garnishing your wages. It rarely gets to the point of having your employment income garnished to satisfy a debt but the CRA is legally allowed to intercept payments to you from 3rd party such as an employer.
  • Seizing and selling your assets. As a last resort, the CRA can seize property that you own, such as your car, and have these assets sold by a court enforcement officer. They then use the proceeds to pay off the debt.

What are my options when dealing with CRA collections?

Paying in Full

If you find yourself with a tax debt, it is in your best interest to pay the amount owing as soon as you can. By paying in full, you avoid interest charges and other legal and financial consequences. The easiest way to do this is to pay online through the CRA website.

Otherwise, you can pay through your bank or other financial institution or by mail. To do so, you will require the remittance slip located at the bottom of your Statement of Account. Do not staple it to any cheques or other forms and be sure to never mail cash to the CRA.

You can find more information about payment options at Canada.ca.

Partial Payments

Even if you cannot pay the tax debt in full, you should take action right away. The CRA will work with you to resolve debt and you may qualify for payment arrangements. When a payment arrangement is made, you are able to make smaller payments over time. However, if you miss payments the arrangement may be null and voided.

You may also qualify for a taxpayer relief provision, which relieves part of your debt or interest based on your situation.

Refusal to Pay

Refusing to pay a tax debt can have serious financial or legal consequences. Once the debt goes to the CRA’s Collection Department, they are liberty to employ any of the above methods to collect on the amount owing. If you are in disagreement with the CRA’s assessment, you can file an Income Tax Objection.

Have questions about tax debt and collection actions? Contact our professionals at Liu & Associates LLP for more information.

 

Are Vehicle Expenses Tax Deductible?

If you use your vehicle for any reason related to employment and work, you may be missing out on vehicle expense deductions you can claim when you file your taxes.

While it may not be possible to claim the entirety of your vehicle, there are certain factors you can consider to see if your vehicle expenses are eligible for tax deductions.

Are my vehicle expenses tax deductible?

Some vehicle expenses are tax deductible in Canada as long as you meet certain requirements. Either you must use your own personal vehicle for employment-related purposes or be responsible for expenses related to a company vehicle.

Employment-related purposes may include visiting and/or transporting clients and customers, attending business meeting off-site or traveling from your main job location to a temporary location.

If you use for vehicle for work-related purposes, then your vehicle expenses are tax deductible under the following circumstances:

  • You are normally required to work away from your place of business or in different locations.
  • You are required to pay for expenses under a contract with your employer. Exceptions to this would be if your employer pays for expenses, if you are reimbursed for expenses or if you refuse reimbursement.
  • You did not receive a non-taxable allowance for expenses. This would be an amount given directly to you from the employer for vehicle expenses.
  • You have a T2200 form (Declaration of Conditions of Employment) completed and signed by your employer.

If you receive a non-taxable vehicle allowance from your employer, yet the cost exceeds the allowance, you can claim the difference by voluntarily providing the CRA (Canada Revenue Agency) with the amount of allowance you received. You can then claim the difference.

What kind of vehicle expenses can I deduct?

If you meet the requirements for claiming your vehicle expenses on your tax return, you may be able to deduct:

  • Fuel
  • Maintenance and repairs
  • Insurance
  • License and registration fees
  • Eligible interest on the vehicle loan
  • Eligible leasing costs of the vehicle

You can also deduct what is called “capital cost allowance” (CCA). This means that, because you cannot deduct the total cost of your vehicle, you can claim part of the cost caused by depreciation.

How much of my vehicle expenses can I claim?

The amount you can claim depends entirely on whether or not the vehicle is used strictly for business purposes or if you use it personally as well. If the vehicle is used for employment and personal use, you can only claim the percentage of expenses related to your job.

This will all be calculated on your tax return but you should track your total kilometers driven and the kilometers driven for work purposes. On your return, you will need to know these amounts for the entire tax year.

Also keep in mind that driving from home to work and from work to home is considered to be personal use. These kilometers are not claimable.

How do I claim my vehicle expenses on my tax return?

The first thing you’ll fill out is Form T777 (Statement of Employment Expenses), specifically lines 5-16 (Calculation of Allowable Motor Vehicle Expenses).

Enter the make, model and year of your car ad well as the total kilometers driven and the total kilometers driven for work during the last tax year.

You’ll end up with a total on line 16 which you can then enter in on line 9281 of the form. Complete the rest of Form T777 – line 9368 is the total you will enter on line 229 of your return.

 

Not sure if your vehicle expenses are tax deductible? We can help! Contact us today for more information.

Are There Any Tax Implications for an Inheritance in Canada?

In some countries, inheritance taxes are imposed upon an amount inherited by a person from someone who has died. That person is responsible for paying tax on whatever they receive. Fortunately for us in Canada, inheritance taxes do not exist when it comes to receiving an inheritance from a loved one.

Instead, the estate of the deceased pays the taxes before any money or value is transferred to the beneficiary. This means that, in the end, the beneficiary should not have to worry about taxes.

While this may reduce the initial value of the estate, it certainly provides peace of mind to beneficiaries and loved ones who would otherwise shoulder the burden of any owing taxes, interests or penalties.

Who Inherits the Estate?

Who inherits the estates all depends on whether or not the deceased left a valid will. An estate is considered to be everything that a person owns when they die, including their property and their debts. A will is a legal document that describes who will inherit the estate after the owner of the will passes away.

With a will, the estate is distributed as per the directions of the will after taxes and expenses are paid and settled. If, however, the deceased did not have a valid will, then government-imposed rules are applied:

  • If there is a surviving spouse but no surviving descendants, then the spouse receives the estate.
  • If there are surviving descendants, and no surviving spouse, then the descendants receive the estate.
  • If there are both surviving descendants and a spouse, the spouse receives the household furnishing and the spousal preferential share (a specified amount from the estate before other distributions are made). The spouse then receives half the remainder of the estate, with the other half split between descendants.
  • If there are no descendants or spouse, the estate goes to other relatives based on a government-imposed distribution schedule.

Filing the Deceased’s Final Tax Return

After a person passes away, their tax return is filed and any owing taxes are paid by the estate. This is done by the deceased’s legal representative, which is usually an executor or estate administrator. This individual also notifies the CRA (Canada Revenue Agency) and Service Canada of the date of death and forwards any necessary documents.

The final tax return and owing taxes are due on April 30th if the deceased passed away between January 1st and October 31st. Otherwise, they are due six months after the date of death.

Any owing income tax is paid by the estate first.

Clearance Certificate

After the deceased’s taxes are filed and settled, a Clearance Certificate needs to be requested from the CRA to confirm that all taxes have been paid. A Clearance Certificate confirms that the estate has paid any taxes, interest and penalties owed.

A Clearance Certificate is necessary because it allows the legal representative to distribute the inheritance to any receivers without the risk of being personally responsible for any amounts owing.

Distribution of Inheritance

After the Clearance Certificate is obtained, the executor distributes what remains of the estate in accordance to the will. The entire process from death to receiving inheritance can be a lengthy process, as wills have to be verified, items appraised and taxes filed.

Ultimately, the beneficiary will never have to worry about paying taxes on any amounts received.

Is it Ever TOO Late to File Taxes?

a-business-owner-checker-her-watch-while-on-her-way-to-fule-taxes

Whether you owe money to the government, or are expected a refund on your taxes, it can be too late to file your taxes.

The deadline for filing taxes in Canada is April 30th. If that date falls on the weekend it is then moved to the next business day. While you can file your taxes any time throughout the year, there are certain consequences for filing late.

These consequences depend entirely on whether or not you owe taxes to the CRA (Canada Revenue Agency) or if the CRA owes you a refund. Either way, filing late can cause serious disruptions in your finances.

If You Owe Money

If you owe money, and do not file your taxes or file them late, you can face a hefty penalty on the amount owing.

When you file late, or not at all, the CRA charges compound daily interest starting on the day after the due date (usually May 1st) on any unpaid amount. This includes any unpaid amounts from previous years.

The penalty for filing late is 5% on the total amount owing plus 1% for each month the return is late. This interest is calculated up to 12 months past the due date.

For example, if you owe $10 000 and file your taxes 5 months late, the CRA will charge 5% interest on the owing amount plus an additional 5% (1% for each month late). This means you will ultimately owe $11 000 on your taxes.

If You Are Owed Money

If you have money coming your way, you have up to 10 years to complete your return and receive your refund. Beyond that deadline, your refund is lost and cannot be claimed.

However, filing late even when you are receiving a refund may cause delays with your spouse or common-law partner if their refund depends on information from your return.

Another delay can occur if you receive benefit payments, such as the Canada Child Tax Benefit or the Working Income Tax Benefits, or a GST credit. Your payments may be interrupted since your eligibility is determined by your reported income.

Finding Out if You Owe Money or Not

In order to determine which set of consequences you could potentially face, you need to know whether or not you will be owing money to the government. You can do this one of 3 ways:

  • Calculate your taxes via government provided forms.
  • Use online software to calculate your taxes.
  • Have a company provide a free estimate.

However, if you are taking the time to fill out the necessary forms to determine whether or not you owe money, you may as well file the taxes. Even if you do owe, delaying the inevitable will only increase the interest on the amount owed.

Even If You Owe Money, You Should File As Soon As Possible

Despite whether or not you can pay the owing amount by the due date, you should file your taxes on time. Luckily, the CRA can work out a payment arrangement so you can make smaller payments over time until your debt is paid.

If you don’t, you are looking at that accruing interest on the unpaid amount beginning immediately after the tax filing deadline.

While ignoring the problem may seem like a good way to make it go away, letting your taxes sit in limbo will only make matters worse down the road – whether you end up paying large interest rates or lose out on GST credits and benefit payments.

Not Sure What to Do?

Contact us today to speak with a dedicated professional who will be more than happy to address your current situation and determine your tax-related needs.

Is There a Penalty for Filing Taxes Late if You Owe Nothing?

a-blue-mouse-sitting-on-a-stack-of-late-tax-return-documents

In Canada, there are no fees or penalties if you file your taxes late – as long as you don’t owe anything.

The main consequence of filing late when you owe nothing is a delay in receiving any returns you are owed. The CRA (Canada Revenue Agency) simply holds your refund until you do file. Filing late may also cause delays with spouses and common-law partners in which the calculation of a tax refund depends on information from your return.

Also, if you receive benefit payments, such as the Canada Child Tax Benefit or the Working Income Tax Benefit, your payments may be interrupted since your eligibility is determined by your reported income.

Alternatively, there are serious financial consequences to filing late, or not filing at all, if you owe money on your taxes.

Tax Filing Deadline

Canadian tax returns for any specific year must be filed by April 30th of the next year. The only exception are returns for self-employed individuals, who have until June 15th of the following year.

Late Filing Penalties

If you owe money on your tax return, and file late or not at all, the CRA will charge compound daily interest starting on May 1st on any unpaid amounts. This includes any unpaid amounts from previous years.

The penalty for late filing is 5% on the total amount owing plus 1% for each month the return is late up to 12 months.

For example, if you owe $10 000 and file your taxes 5 months late, the CRA will charge 5% interest on the owing amount plus an additional 5% (1% for each month late). This means you will ultimately owe $11 000 on your taxes.

Tax Payers Relief Provision

Life happens and filing previous tax returns, or paying any taxes owed, may be hindered by unfortunate life situations. The CRA administers legislation called the “Tax Payers Relief Provision” that gives the CRA discretion to:

  • cancel or waive penalties or interest,
  • accept late tax filing,
  • reduce the amount owed.

This provision can apply to taxpayers who have filed late due to extreme circumstances, the inability to pay or financial hardship. These exceptions are granted based on review of individual cases by a CRA agent.

This means that just because you are having a hard time filing or paying your taxes doesn’t mean you will automatically be granted this provision. You must prove your situation to the CRA.

What to do if Your Taxes are Late

Even if you’ve missed the filing deadlines, it is extremely important that you file your taxes anyway! Ignoring the problem does not make it go away and the sooner you file, the less you have to pay in interest penalties.

If you owe on your taxes but cannot pay by the due date, you can work out a payment arrangement with the CRA so that you can make smaller payments over time until your debt and interests are paid.

The CRA will grant a payment arrangement if you can show that you have tried to pay the debt by borrowing money or reducing your expenses. They may require proof of your income, expenses, assets and liabilities.

Should you miss a payment during the payment arrangement, the CRA may revoke the arrangement.

Have questions about filing your taxes late or on time? Contact us for more information!

What’s Best For Business Owners: Salary or Dividends?

bills-and-coins-in-red-envelope-sitting-on-a-tableIf you have chosen to set up your small business as a Canadian corporation, you have a couple of options when it comes time to pay yourself and any other company shareholders. You can choose to pay yourself a salary, receive dividends, or a opt for a combination of both. There’s no simple answer, so join Liu & Associates as we discuss the pros and cons of each option.

Business Salary

If you’re paying yourself a salary, the payments become an expense of the business. You’ll receive a personal income, and get a T4 at the end of the tax year.

The Pros

    • You’ll be paying into the Canada Pension Plan (CPP). The more you contribute to CPP, the more you’ll eventually receive once you hit retirement.
    • Your salary reduces the corporation’s taxable income, which reduces how much tax your business will owe each year.
    • When applying for a mortgage, banks like to see steady income. You’re likely to get a better rate if you have a salaried income vs a dividend one.
    • With your personal income, you’ll be able to take advantage of other investment opportunities such as a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA).

The Cons

  • Your salary is taxable. It’s possible that giving yourself a salary could increase your personal tax burden.
  • You’ll have to do payroll. To keep things above board, you’ll need to set up a payroll account with the CRA and file all the necessary paperwork that comes along with such an account.
  • If your company’s profits vary from year to year, a salary could cause you tax problems down the road if you aren’t able to carry a business loss one year.

Dividends

Dividends are payments to shareholders of a corporation that are paid from the after-tax earnings of the company. Dividends are declared, and cash is transferred directly from the company’s account to a shareholder’s personal account. The business will need to prepare T5s for anyone who has received dividends.

The Pros

  • Dividends are taxed at a lower rate than a salary would be, which can result in paying less personal tax.
  • By not paying into CPP you’re keeping more money in your pocket today.
  • Transferring dividends is a pretty simple process! There’s no need to register for payroll – just declare a dividend and transfer the cash.
  • You can claim dividends anytime.

The Cons

  • By not contributing to CPP for as long, you will be entitled to less when you decide to retire.
  • Because you don’t have a personal income, you aren’t able to take advantage of RRSPs or TFSAs.
  • Dividends can exclude you from certain personal tax deductions.

Chat With An Expert

When it comes to deciding whether to pay yourself or other shareholders with a salary or dividends, it’s best to chat with a professional. Your choice will be impacted by a host of factors, like your current income level, your age, and the company’s projected income. An accounting professional will take all of this into consideration and help you draw up a plan for continued business growth and success.

For expert advice, call the team at Liu & Associates today.

 

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How To Work With The CRA To File Tax Returns From Previous Years

Computer-chair-and-desk-full-of-filesWhatever the reason may be, sometimes people fail to file their tax returns on time, or in some extreme circumstances, ever! Failure to submit your tax return can have some nasty consequences, including hefty fines and penalties. If you find yourself in this situation know that not all hope is lost; the good news is that there is a way to file tax returns from previous years in Canada. However, how you handle the situation will depend on your circumstances. Read on to learn about what options you have if you need to file tax returns from previous years.

Scenario 1: You Think You Might Owe the CRA Some Money

If you believe that you will owe money to the Canada Revenue Agency (CRA), it’s best to file your late taxes sooner rather than later. As mentioned above, you risk facing sizable penalties and interest charges on any unpaid tax debt. The longer you wait to file, the more you’ll owe. Don’t think just because the CRA hasn’t contacted you that they’ve forgotten you – eventually they will come to collect. So what do you do?

  1. Speak to a professional. A tax accountant can help you through the process of sifting through paperwork and organizing it to submit to the CRA. They can also give you advice on any penalties that you might face.
  2. Ask about the Voluntary Disclosure Program. The CRA has created a program called the Voluntary Disclosure Program which provides Canadians a second chance to correct their taxes or submit any returns that were never filed. There are certain conditions that must apply, but if you qualify for the program, you can get relief from prosecution and certain penalties.

Scenario 2: You Don’t Think You Owe Any Money

Even if you are quite sure that you don’t owe the CRA any money, it’s still important to file your tax returns each year. Failure to do so could mean that you’re missing out on credits and benefits that could end up with the CRA giving you money! Examples of these include GST credits and child benefit payments.

Unless you are 100% sure you don’t owe any money, it’s still worth it to chat with a tax professional before filing to ensure you have a good understanding of your situation. Otherwise, it’s as simple as submitting the tax return late. The CRA allows you to use the same methods for filing that you would use to file your return on time. You can use a tax preparation software, mail in a return prepared by a professional, or complete the CRA’s General Income Tax and Benefit Package and mail it in. If you don’t owe any money, there are no penalties for late filing.

Searching For Tax Help?

Have you let your tax filings slip? Don’t worry! The team at Liu & Associates can help. Give us a call today to schedule an appointment to speak with one of our tax experts.

 

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2019 Tax Changes: What To Expect

2019-in-sparkling-numbersAs 2019 comes into full swing, it’s bringing some tax changes with it that will have some big impacts on Canadians and small business owners. With income tax being the top expense for most Canadian families, it’s worth it to be aware of what’s going to change in 2019. Read on as Liu & Associates highlights a few of the major changes you’ll see in 2019 when it comes to your income taxes.

Why Do Tax Rules Change?

Taxes can change for a number of reasons. People often see changes to taxes when a new government comes into power, when a government is trying to win favour with voters, or when a loophole is identified. It’s important to keep your finger on the pulse of the tax landscape so you are aware of the changes and how they might impact you. Worst case scenario, you could face a reassessment or penalty from the CRA if you fail to take into account the new tax rules when filing your next return.

Increase In CPP Premiums

Canada Pension Plan (CPP) premiums will be on the rise for the next five years due to a program enhancement plan. What does this mean for you? You’ll notice more money off your paycheque going to CPP. The good news is that you’ll eventually get to reap the benefits of this extra money in retirement.

Decrease In Employment Insurance Premium

While CPP premiums may be increasing, employment insurance (EI) premiums will going the opposite direction. Employment insurance premiums are being decreased by four cents for every $100 of insurable earnings. This is the second year of decreases to EI premiums.

Decrease In Small Business Tax Rate

Small business owners can rejoice the fact that their tax rate is going down from 10 to nine percent. Similar to EI premiums, this is the second year we’ve seen decreases in the small business tax rate. This reduction makes the combined federal-provincial-territorial average income tax rate for small businesses 12.2 percent, which is the lowest in the G7. Tax savings means more money to reinvest in your company.

Changes To The Working Income Tax Benefit

The Working Income Tax Benefit is a refundable tax credit that helps to give tax relief to low-income individuals and families. At the start of 2019, the program was renamed the Canada Workers Benefit (CWB) and was enhanced in order to put more money in the pockets of low-income workers and encourage them to stay in the workforce. To keep things easy, the CRA will automatically determine if you’re eligible to receive the CWB and assess your tax return as if you’ve already claimed it, even if you hadn’t upon your original filing.

If you need help filing your 2019 tax return, contact the team at Liu & Associates today. Our experts are up to date on all tax system updates and will make sure you get the best return possible.

 

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How To Manage An Inheritance

an-accountant-helping-a-client-manage-their-trust-while-sitting-outside-of-a-shopComing into a lump sum of money suddenly, be it big or small, can be jarring to say the least. A sizable inheritance can represent a life-changing opportunity, if managed properly. Follow these five tips to make sure you’re managing your money smart and effectively to keep you financially stable for years to come.

1. Take A Step Back

Because an inheritance usually comes with a loss, it’s important for you take time to deal with your grief. You don’t want to be making any major financial decision when you’re in an emotional haze.

The second thing you need to do is take a reality check. Before you go quitting your job or booking a flight to Europe, you need to think realistically about what your inheritance is going to do for your life. $90,000 might seem like a lot at the time, but that’s not enough to sustain you and your family for 25+ years. You need to consider whether your new found fortune is going to rewrite your financial goals, or simply just help you reach some of your existing goals a bit sooner.

2. Pay off Debts

Using your inheritance to pay down or pay off any current debts can help you to reduce your expenses and save you money that would go towards interest down the line. When choosing which debts to pay off first, always pick the loans with higher interest rates first, like credit cards, personal loans, or car loans, before paying off a lower interest rate loan like your mortgage.

3. Prioritize Your Goals

Identifying your financial goals will help you determine the next steps you take with your money. Cleaning up any debt should always be a top priority, followed by creating a retirement nest egg. After that the sky’s the limit; others goals may include:

Determining what your financial goals are will help guide you in the types of investments you make, or the types of accounts you open.

4. Splurge Thoughtfully

It’s okay, and even encouraged, to have a little fun with your new money! Depending on the size of the inheritance, your “splurge” will look very different. It could be anything from some new shoes to a new house! Remember: reason and moderation are what it’s all about. Just because you can buy 10 swimming pools doesn’t necessarily mean that you should!

5. Hire Some Help

Depending on the type of inheritance you received (ex. Investments, life insurance, etc.) there may be some hidden taxes you are unaware of. A financial advisor or accountant can help you create a financial plan and deal with any tax implications that might come your way. They will help you understand your inheritance, and can assist you in managing it moving forward.

For help managing your inheritance, trust the team at Liu & Associates. Call today to book an appointment.

 

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