CEA CAMP LITTLE TAX
I hope you had an adventurous, safe and healthy 2024. I personally embarked on a seven-night backpacking trip in the Inyo National Forest which is part of the Sierra Nevada Mountains wilderness. Don’t be crazy I didn’t go by myself. I went with my good friend Randy, who has been doing this for 35 plus years so I would consider him an avid backpacker.
Never endeavoring on a wilderness trip like this before I felt sorry for Randy. I didn’t know what I was going to eat, I had never dehydrated food before, and I like to snack ALL DAY. How do you carry all this food? I also needed to carry my bedroom and kitchen with me? Will all this fit in my backpack? Will we see bears? Oh, and of course shower, electricity, potable water and the internet are out of the question. I had a lot to learn.
Most of the hikes over the 7 days took place at an elevation around 11,000 feet and each day they consisted of about 6-7 miles with an ascent of 2000 feet and a descent of about the same. There were a couple of snowy mornings and lots of sunny days. The terrain was very rugged and honestly at times I thought why is a CPA out here. It turns out Randy did a great job preparing me for the trip and planning the trip - although he didn’t tell me that EVERY muscle in my body would be sore. Nonetheless, without his help I would still be in the wilderness.
As I start to prepare for my 33rd tax season, I wonder if you feel like you are in the wilderness? I hope you don’t!!! Here at CEA “Camp LITTLE TAX” we have 3 CPAs, 2 accountants, 2 bookkeepers and an office manager to help guide you through the wilderness of taxes. You see, I have always felt it was my job to plan for the subsequent tax year. Should you start withdrawing social security benefits? Should you continue to fund a traditional 401(k) or a traditional IRA or is it time to fund a Roth IRA. Does it make sense to do a Roth conversion? Should you withdraw money from your qualified or nonqualified accounts? Are you going to meet the IRS safe harbor requirements to avoid interest and penalties?
The IRS does not make it easy because there are so many layers of taxes that can come into play depending on your specific circumstances. There are many events that can cause a filing status change, a marriage, a child, a divorce or death. Please reach out to us if you experience a life changing event. Unfortunately, the tax implications can be surprising. We will be able to prepare various tax scenarios to assist you in making an educated decision. We may recommend accelerating income or perhaps prepaying expenses or debt.
Before you embark on your 2025 tax journey keep the “Camp Counselors” at CEA “Camp LITTLE TAX” in mind so we can help you pay the least amount of taxes!!!
I am happy to report my trip turned out great because of Randy and his brother Bill. Here at CEA, I am excited to see how the 2024 tax year is going to turn out for you but more importantly I’m excited about 2025 so we can keep you out of the TAX wilderness.
Darren Epperson
Crossing Feather Pass
“The terrain was very rugged and honestly at times I thought why is a CPA out here?” - Darren 2024
Darren & Randy