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Getting Ready For Tax Season

Accountant Jim Krupienski's Top 5 Tips

Westfield native, Jim Krupienski is a Certified Public Accountant and Partner at the Public Accounting Firm, Meyers Brothers Kalicka, P.C. He prides himself on providing clarity for his clients on complicated and technical matters. For him, it’s about giving his clients the information and understanding they need to make good business decisions. Jim’s wide range of experience and expertise allows him to make it easy to keep his clients focused on strategy, long-term planning and proactive problem solving. He takes care of the technical details so his clients can take care of their business.

Top five must-dos to make tax season less stressful:

  1. For any business/corporate returns, reconcile your bank and loan accounts through 12/31 as early as possible. This will allow you to get an early jump on preparing the return and beat the rush in February and March.
  2. For personal returns, gather all tax forms (W-2’s and 1099’s) as they come in. Ensure to reach out by mid-February if any appear missing. Missing forms can either lead to a delay in preparing your return or notices from the taxing authorities.
  3. If you are going to receive a refund – think long term how it can be used. This is a great time to sit down with your financial advisor.
  4. Consider your withholdings and estimated tax payments for 2020.
    • If you received a refund for this year, think about lowering them. No need to give the government an interest free loan.
    • If you have a balance due, consider increasing payments during the year.
  5. Store your tax return and supporting records. While situations and circumstances can vary, the general rule of thumb is 7 years. It may be longer or shorter, so please consult a tax advisor if you are unsure.

Jim, and his wife Megan, live and raise their two children, Jimmy and Kayley, in Westfield. On any given weekend, the Krupienskis remain busy with sports, community activities, and friends/family. Jim is Treasurer and Coach of Westfield Little League and Board member of the Greater Westfield Chamber of Commerce.