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Rapid City Tax Expert Urges Year-Round Planning Ahead of Filing Season

RAPID CITY, S.D. — Tax season may still be months away, but Rapid City accountant Carrie Christensen says waiting until spring to think about taxes can leave taxpayers with fewer options. On the latest episode of the Rapid City Business Journal podcast , Christensen, a CPA and partner in the Tax Department at Ketel Thorstenson, joined hosts Murdoc and Shiloh Francis to discuss tax planning, common filing mistakes and how technology is changing the accounting industry. Christensen said tax planning and tax preparation serve different purposes. Preparation looks backward, compiling financial information and submitting it to the IRS, while planning should take place throughout the year. “It ideally should start in January of that year,” Christensen said of tax planning. “And it’s not just a one-time event. It’s an ongoing, ongoing discussions you have with your accountant.” One common problem Christensen sees is taxpayers overlooking income, particularly 1099 income from side work, investments or other sources. She said the IRS matches reported forms, making it important to keep track of documents and income even if a form is missing. For people with side businesses, she recommended using a separate bank account to make income and expenses easier to track. Christensen also pushed back on the idea that spending money solely for a tax deduction is automatically a good financial decision. “It doesn’t make sense to spend a dollar to save 20 cents,” she said. “But if you need it, buy it. If you don’t need it, don’t buy it.” The conversation also turned to artificial intelligence. Christensen said Ketel Thorstenson uses AI-powered tools for tax research, contract summaries and other tasks that previously required more manual work. She said the technology is changing accounting roles by reducing data-entry work and allowing professionals to spend more time on higher-level analysis and client relationships. Christensen said those relationships remain particularly important as Rapid City continues to grow and new businesses enter the market. “Rapid City is growing. I think we all see that,” she said.