Taxes aren’t simply a once-a-year task; they reflect your broader financial health. When you approach the tax meeting as a strategic conversation, you gain more than just compliance; you gain insight into how your life choices (income, farm activities, investments, housing, family) influence your taxes, and you position yourself to make smarter decisions.
On the flip side, arriving unprepared, lacking questions, or failing to plan for the future can lead to missed deductions, unpleasant surprises, or leaving money on the table.
Meeting with your tax preparer is an excellent opportunity to take advantage of the resources available at these meetings.
Before the meeting
A truly effective tax meeting begins long before you sit down at the table. One of the biggest mistakes people make is arriving without the proper documents or without clarity on their goals. To avoid that, you’ll want to gather all relevant income statements (for example, 1099s, CO-OP PATR, interest and dividend statements), expense documentation (chemical, seed, fertilizer, crop insurance, etc.), and past tax returns.
Give your tax adviser the complete picture of your finances so they can provide meaningful advice. Make sure to review the checklist sent by your tax preparer to ensure you have all the documents and items they are requesting.
Equally important is clarifying your goals for the meeting. Ask yourself: What am I hoping to get out of this? Am I simply looking to complete this year’s filing, or do I also want to understand how to lower my tax liability in future years?
Finally, compile your questions in advance. For example:
- How do recent tax law changes affect me?
- Which deductions or credits might I be missing?
- Should I adjust my withholding or make estimated payments?
- What records should I keep going forward to make things smoother?
Preparing questions ensures you don’t leave with doubts.
During the meeting
When you arrive at the meeting, you and your tax professional should be working together. They’ll review your supplied documents, ask clarifying questions (about life changes, income changes, business expenses, and investments) and help you understand your current tax position. A productive meeting isn’t just about data entry; it’s a chance to explore opportunities and risks.
You should expect your tax adviser to highlight issues such as whether your deductions should be itemized or if the standard deduction is more appropriate, whether your withholding is correct, or whether you need to plan for estimated taxes.
Additionally, the meeting should cover not just the current year but also future planning: if you are expecting major farm changes (such as purchasing land, equipment, or buildings), discuss how these actions will affect your tax picture.
At the end of the meeting, you should leave with an understanding of:
- Your current tax situation (liability or refund estimate)
- A clear list of missing documents (if any) and next steps
- Recommended adjustments (e.g., withholdings, quarterly payments, record-keeping)
- A plan for key actions for next year
After the meeting
The value of the meeting extends beyond the meeting itself. Make sure you follow through on the action items you and the tax professional have agreed to. For example: send any missing documents, adjust your payroll withholding, set up a better record-keeping system, and schedule any follow-up meetings.
Remember, the meeting is where you agree on which strategies to implement, set deadlines, and clearly assign responsibilities.
Permission is granted to news media to republish our news articles with credit to University of Minnesota Extension. Images also may be republished. Check for specific photographer credits or limited use restrictions in the photo title.