Tax Preparation
Understanding your personal tax situation is crucial to ensure your returns comply with the tax code and maximize available tax breaks. Professional assistance can save time and money and reduce audit risks for those with more complex tax situations (e.g., investments, rental properties, self-employment). Tax professionals can address tax questions and inform clients of relevant tax law changes.
Small Business Income Tax
Accurate preparation of small business tax returns ensures all deductions and credits are claimed. Awareness of tax law changes, such as the Tax Cuts and Jobs Act, is essential, including benefits like the Section 199a qualified business income deduction and increased depreciation allowances.
Tax Planning
Tax planning strategies help save money year-round. These include quarterly estimated tax calculations, tax loss harvesting, Roth IRA conversions, and efficient charitable gifting. The Tax Cuts and Jobs Act has lowered tax rates, making it advantageous to accelerate income and defer deductions in some cases. Roth IRA conversions can be particularly beneficial under low tax rates, potentially reducing future tax burdens.
Financial Planning
Comprehensive financial planning must consider tax implications. Customized plans should address individual needs and goals, such as retirement timing, Social Security strategies, estate planning, and budgeting. Aligning financial strategies with personal objectives ensures a well-rounded financial plan.
Small Business Accounting
Maintaining accurate financial records is vital for business performance analysis and effective management. Professional accounting services can help businesses understand their operations better and plan for future growth, allowing owners to focus on running their businesses.
Estate And Trust Income Tax Return Preparation
Filing estate and trust income tax returns requires understanding the relevant legal documents. Professional assistance ensures proper reporting and allocation of income and corpus and the consideration of all allowable deductions. This support is crucial during the difficult times following a loved one's passing.
