Tax Preparation
Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional.
Here’s what you get…
Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
Your tax return can be filed electronically so you will get a refund back quicker.
Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.
We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year’s tax liability.
Retirement Planning
Retirement Planning – Plan Ahead Now, Reap the Benefits Later
Whether you’re already retired, close to it, or just getting started in your career, it’s never too early to start thinking about retirement planning. Unfortunately, for many people life gets in the way and retirement planning is put on the back burner, until suddenly, retirement is right around the corner.
Some of the benefits of starting your retirement planning now instead of later include:
- Providing long-term security for your family’s future
- Tax-free contributions – Pre-tax contributions are subject to income tax only after withdrawal, typically when you retire
- Protection from bankruptcy creditors if you need to declare bankruptcy
- Selection of retirement plans (IRAs, SIMPLE Plans, SEP plans, Keogh plans, and 401(K) plans to name a few) to meet everyone’s needs
The key to successful retirement planning is an understanding your current financial situation and projecting future needs and developing a plan to make sure it happens. If you’ve already started saving for retirement, how do you know you’re saving enough to live the comfortable lifestyle you deserve? Are your income expectations realistic? Are you sure you have your money in the right retirement plan for you?
Our Retirement Planning Services
Tax rules regarding retirement plans are complex however. Each benefit plan has specific requirements as outlined by the IRS and not every plan can be used by everyone. For example, contributions limits vary by the type of plan, your income, and your age. Some plans may require withdrawals at a certain age, while others have no age limit. Some withdrawals are taxed at retirement, whereas others are tax free. You’ll need to understand the tax implications of your retirement planning choices.
That’s why it’s best to use a tax professional like us. When you use our retirement planning services, you benefit from our in-depth knowledge and years of retirement planning experience.
Here’s what we do for you:
- Evaluate your current financial situation, including assets and liabilities to achieve an overall value for your estate
- Calculate the best way to withdraw funds from your 401K, IRA, Roth IRA, and other retirement plans, for example lump sum or installments over a certain period of years
- Create a budget that meets your retirement goals
Review your individual Social Security account to determine when to begin taking your social security benefits - Figure out which retirement plan works best for you and your family, how much you need to contribute now to make sure you have enough money to live comfortably during your golden years
- Determine whether you (or your small business) qualifies for a tax credit for contributing to an IRA
- Determine whether you (or your small business) qualifies for a tax credit for contributing to an IRA
- Develop a comprehensive retirement plan, keeping in mind that it is likely to change over the years as your life changes
Start Planning Your Financial Future Now
There’s no time like the present to start planning your financial future. If you’re ready to start planning for your retirement years, call us first. Don’t wait until it is too late. We’ll help you make sure your retirement years are nothing but smooth sailing ahead.