Understanding Your Taxes After A Loss with Samantha Harris, CPA

Losing a spouse is difficult enough, and navigating the complex world of taxes only adds to that burden. In this episode of Financially Ever After, host Stacy Francis is joined by Samantha Harris, CPA, who leads her own tax preparation service company. Together, they provide valuable advice that will help you understand important nuances, file your taxes, and potentially save thousands of dollars in the process. Stacy and Samantha dispel some of the mystery around taxes after a loss, from finding the right professional guidance to understanding Social Security to proactive planning.

• Finding the right accountant is crucial for navigating tax implications after losing a spouse. With changes in filing status and potential tax savings opportunities, the right accountant can provide peace of mind and ensure financial stability.
• Understanding the different filing statuses, such as qualifying widow or head of household, can significantly impact tax liabilities. Choosing the appropriate filing status can lead to substantial tax savings and ensure compliance with IRS regulations.
• Organizing important financial documents and passwords can ease the burden on loved ones in the event of unexpected loss. Maintaining a clear record of financial information and passwords can streamline the process for your family and ensure a smoother transition during a difficult time.
• Social Security benefits may or may not be taxable, depending on various factors like additional income sources. Understanding the tax implications of Social Security benefits can help individuals plan effectively for their financial future and optimize their tax situation after the loss of a spouse.
• Communication and collaboration between financial advisors, accountants, and clients are essential to ensure comprehensive financial planning and tax strategies tailored to individual needs and circumstances.

Resources

Samantha Harris, CPA on LinkedIn

Email: sam@cavalieraccounting.com

Phone: 646-629-1381

Stacy Francis on LinkedIn | X(Twitter)

Email: stacy@francisfinancial.com