Meet your Amatics Team

Stacy Bateson, CPA Talks Personal Taxes

Stacy is a CPA and Shareholder at Amatics with 15 years of experience. She holds a Masters of Accountancy from Montana State University. Her expertise with individual taxes includes individuals with diverse investment portfolios, multiple state reporting, foreign bank reporting, and self-employed and retired taxpayers. Furthermore, she works with clients in the construction industry and small businesses, including technology, start-ups and real estate.

“I love that there are so many opportunities in the Bozeman business community, and that our town is still small enough that local networking establishes connections to the entire community,” she says. “I appreciate, too, that there are so many recreational and educational activities in which individuals and families can take part.”
When Stacey’s not working you can find her camping, hiking, playing volleyball, coaching basketball, biking, skiing or watching a variety of kids activities.

Here are Stacy’s thoughts on personal taxes:

Why would a potential client choose Amatics over another accounting firm?

Our focus is on our clients and finding solutions that fit our clients. We are small enough to provide individual attention and tailor our services to our clients’ needs. We are large enough to provide a wide variety of services and have expertise through experience in numerous industries and situations.

Why should an individual use a reputable accounting firm to do taxes?

A good tax preparer can help you to look past the short-term benefits to be able to see long-term gains. Sometimes paying additional tax this year will save you money next year or save you overall between the two years.

We can help you find deductions you may have missed or save you the time of gathering deductions that are not going to benefit you. We can plan for the next year together and either increase your tax savings or decrease your estimates/withholding as needed. Having a conversation with an experienced individual can provide insights to your current situation as well as uncover possibilities and problems that may lie ahead.

What’s one key piece of advice that you give self-employed individuals?

A self-employed individual has to plan for self-employment taxes in addition to income taxes. It nearly always costs more than one thinks. Talk to a tax preparer early in the year to find out what your tax consequence is likely to be. Keep good records to stay ahead.

What are some major issues that you consistently see with Personal Tax Prep?

Individuals should be aware that a W-4, the form letting your employer know how much to withhold from your paycheck, is not accurate for every situation. If your spouse has a job, you need to use Page 2 of the form. If you have more than one W-2 job, the form does not account for the wages from your other job(s). The W-4 does not account for significant itemized deductions on Schedule A. Nor does it account for any investment income. All of these things and more can cause your withholding to be too much or not enough on April 15th.

Another thing I’d like to offer is this: Any time one is considering selling investment real-estate or business assets, you should talk to an accountant to know the tax liability that will arise from the sale. Many taxpayers are caught off-guard by the recapture tax that taxes part of the sale at rates higher than capital gain rates. With planning, taxpayers can reduce their tax burdens from these sales or at least be prepared for the tax bill that will come the following spring.

Need help with personal tax preparation?
Book a consultation with Stacy!