April 30, 2015
You might be wondering what the heck happened to your refund. What went wrong? As much as it pains us to say it, we do receive feedback from clients who are just plain frustrated.
If you are in this boat, it is critically important to understand how federal and state withholdings work. An unfortunate refund can be based on some or all of the following factors:
Not withholding enough from your paycheck
Not paying quarterly estimated taxes for other sources of income that created a profit (such as a successful side business or capital gains from stock sales)
Not planning for taxes throughout the year. It's important to project your tax liability so you don't get blindsided in April.
Inaccurate or no tracking of deductions. Did you forget to include a donation, for example?
Forgetting to tell your CPA about your child's (or your own) college expenses. You or your child might be eligible for federal education tax credits
Ever-changing tax laws. Your CPA is your best source for new tax law information.
Our goal when preparing your return is to get you as close to break even as possible so you are not giving an interest-free loan to the government.
"There is no benefit for paying too much in advance," says Principal and CPA Nathan Miller. "We understand that it can be fun to get a refund; however, that is not always the best route because you could have put that money to work elsewhere throughout the year."
Manoj joined Grimbleby Coleman as an Associate after four years in banking and 2 years in the transportation industry. In this role, he assists with tax planning engagements and business returns and greatly enjoys seeing his client relationships morph from professional to friendship. Manoj holds a Bachelor of Science in Business Administration with a concentration in accounting from California State University, Stanislaus.
A long time Livingston, California resident, Manoj stays very active in his community. He's been involved with Livingston Rotary, was a Livingston Planning Commissioner, and a Livingston Medical Group board member. He also volunteers at the Livingston Guru Sikh Mission. "And I would like to get involved with other organizations in the future."
In his free time, you might find Manoj traveling, enjoying time with his daughter, or relaxing with friends and family.
His favorite number is 21. "My dad, brother and I were all born on the 21st." How's that for a coincidence?