Today's tax laws are so complicated and becoming even more complicated every year. Thus, chances are you will benefit from a tax professional assistance at some point in your tax compliance endeavors. It is easy to overlook deductions and credits to which you are entitled if you prepare only one return a year. There is no substitute for the assistance of a seasoned tax professional.
We prepare a variety of individual and business tax returns every year. We apply and explain appropriate tax-cutting deductions when your return is prepared. More importantly, we will answer your questions during the rest of the year. Call us to discuss timely tax, business, and financial advice.
Whether you’re a wage earner, an investor, a business owner, or all three, you should take advantage of the available tax-cutting benefits. There is little to be gained by paying more tax than the law demands.
Identify the tax-savers for which you qualify. Below is a tax-cutting checklist to get you started. Check to see if there are tax breaks you are overlooking.
Roth 401(k) if employer's plan permits
Rollover to Roth IRA
Child tax credit
Child care credit
Earned income credit
Annual gifts to reduce estate
Education savings accounts
Education expenses and applicable educational credits to consider
Flexible spending accounts
Health savings account
Donating appreciated assets instead of cash
Qualifying property for personal residence gain exclusion
Filing status considerations
Shifting income from year to year
Adoption expense credit
Tax-free municipal bonds
Long-term capital gains analysis
Low-income housing credit
Small business stock rollover
Home office deduction
First year expensing of business equipment
Bad debt write-off
Disabled access credit
Health care tax credit
Other business tax credits
For your convenience, we can provide an individual or business tax organizer for you to bring to us at tax time with the supporting documents to ensure a more complete way to finalize your annual tax filings.
Contact our office with your questions, or if you want more information on these and other strategies that could reduce your taxes.
And finally, review our Newletters as often as you would like for more information.