Individual Services


Income Tax Filing

We file individual tax returns for all the 50 states. We help identify credits which you are eligible for so that your refunds are maximized.So whether you’re a wage earner, an investor, a business owner, or all three, you should use the tax-cutting benefits available in the tax law.

Some of the credit are:

  • Roth IRA
  • Rollover to Roth IRA
  • Tax-deductible IRA
  • Child Tax Credit
  • Income Shifting to children
  • Child Care Credit
  • Earned Income Credit
  • Lifetime Gifts
  • Education Savings Accounts
  • Education IRA’s
  • Hope Scholarship Credit
  • Lifetime Learning Credit
  • Bunching Deductions
  • Flexible Spending Accounts
  • Health Savings Account
  • Donating appreciated assets instead of cash
  • Qualifying property for personal residence gain exclusion
  • Best filing status
  • Shifting income or deductions from year to year
  • Adoption expense credit

 

For Investors:
  • Tax-free municipal bonds
  • Long-term capital gains
  • Rental property
  • Tax-free exchange
  • Low-income housing credit

Tax Planning

The goal with tax planning is to minimize liability in current and future tax years. Some examples of tax planning include: deciding whether to file jointly or separately, timing the sale of an asset, and estate planning. Tax preparation is one of our most popular services because we can lend an experienced, professional eye to your tax return and ensure that you get the highest return possible.

We constantly monitor the changes in the tax law that could affect you and recommend tax saving strategies. As the word sounds, TAX Planning is mystique but we put tax planning in plain English for our clients.
There are actually several basic tax-cutting strategies, and most plans involve one or more of them.

Some of them are:

  • Splitting income among several family members or legal entities in order to get more of the income taxed in lower brackets.
  • Shifting income from one year to another in order to have it fall where it will be taxed at the lower rate.
  • Shifting deductions from one year to another to place them where the tax benefit will be greater.
  • Deferring tax liability through certain investment choices and through pension plan contributions.
  • Structuring your affairs to obtain a tax deduction for some expenses paid for things you enjoy – a vacation home, for example
  • Investing your money to produce income that is exempt from either federal or state income tax, or both.

Financial Planning

Most people worry about their financial future but do nothing to secure it.Here are a few simple steps we help you take to reduce those worries:

  • Put aside a set amount regularly in savings or other investments. The compounding of earnings can be substantial. The longer your investment period, the greater the beneficial effect of compounding.
  • Invest in what you know. The better informed you are, the better your investment decisions will be.
  • Diversify your investments. Do not invest all your money in one investment. Split it.
  • Prepare an annual balance sheet(a list of all your assets minus all your debts) to determine your net worth. A comparison will help you know where you stand at the end of the year.
  • Plan where you want to be financially by retirement age.It is important to determine where you want to be when you retire. With proper planning and diligence, you can be among those who can retire in comfort.
  • Update your plan regularly.
  • Don’t use credit to purchase consumption items.
  • Pay off your credit card balance every month.
  • Monitor your investments to maximize your after-tax return.
  • Have your insurance agent do at least an annual review of your insurance needs to determine that you are neither under- nor over-insured

Investment Review

The practice of investing is to commit money or capital in order to gain a financial return. Investing can be a long and difficult process, with many factors that need to be considered before making a decision. Our team of financial professionals can assist you with this complex process.

We can review your investment ideas with you and your investment advisor and make recommendations to maximize your after-tax return.

Don’t ignore the impact of taxes on your investments. While taxes should not drive your investment strategy, understanding how taxes affect your earnings will help you minimize taxes and maximize your return. Consider these items:

  • Long-term capital gains and dividends carry a favored tax status. Consider putting more dollars in investments that give you dividends and long-term capital gains.
  • You can take an annual deduction of up to $3,000 of capital losses in excess of capital gains. Consider balancing your winners and losers to maximize this deduction each year.
  • Investments which produce high taxable annual income can be given to family members who are in lower tax brackets, thereby saving taxes for the overall family group.
  • Depending on your tax bracket, you may benefit from investing in municipal bonds.
  • Another area where taxes make a difference is in deciding which investments to keep in your tax-deferred accounts, such as a regular IRA or 401(k) plan, and which to keep in taxable accounts.

Retirement Planning

There are many different types of retirement plans available, including an Individual Retirement Account (IRA) and a 401(k) plan. Most plans have different rules and guidelines, including details such as when the money can be withdrawn. For this reason, it is important to enlist a professional tax accountant. Our staff can assist you with your retirement planning needs.

In today’s world quality retirement planning is very important regardless of your age. There are numerous plans in the market and identifying the right one is not possible for a layman. We assist you by identifying the right retirement plan so that the returns are optimized.

Quality Advice

We offer timely and accurate advice to you whenever they need one. We have convinced our clients that they can come forward with any question and that we will find an answer for them.




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