TAX SERVICES
TAX PLANNING
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars.
Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.
We recommend Tax Saving Strategies that help you...
grow and preserve assets by keeping Uncle Sam out of your pockets.
defer income so you can keep your money now and pay less taxes later.

reduce taxes on your income so you keep more of what you make.

reduce taxes on your estate so your family keeps more of what you've made.

reduce taxes on your gifts so you can give more.

reduce taxes on your investments so you can grow your wealth faster.

reduce taxes on your retirement distributions so you can retire in style.

Here's just a few of the Tax Saving Strategies we use...
Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.

Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.

Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.

Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.

Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.
Remember, we work for you not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies.

TAX PREPERATION
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 last year, 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 your 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.
Books a Mess: No Problem!
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.
TAX PROBLEMS
Are you having problems with the IRS?
We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and of course, extremely discrete. The IRS problems will not just go away by themselves; they just keep getting worse with penalties and interest being added each day.
If you owe the IRS, you have a very serious problem. It may take the IRS several years to catch up to you, but they're relentless and have no mercy in collecting all the money that is owed. When the collection process starts, they'll make your life miserable and literally ruin all aspects of your life.
Please take a look through our complete IRS problem resolution services by clicking on the links below.
IRS Problems
IRS AUDIT REPRESENTATION
Nothing strikes fear in the hearts of people more than receiving an IRS Audit letter in the mail. Audits take significant time away from your business and family, requiring you to gather mounds of records substantiating each and every item reported on your tax return and develop a comprehensive understanding of tax law.
The IRS leaves no stone unturned in its mission to determine the accuracy of your tax return. If you don't comply with the Auditors' wishes, the IRS will recalculate your tax and send you home with a hefty tax bill as your parting gift.
Many taxpayers decide to handle a tax audit themselves, and discover they may have been "penny wise," avoiding a representative's fee, but "pound foolish," because they received a substantial bill for a significant tax deficiency.
You see, IRS Auditors are trained to extract more information from you than you have a legal obligation to provide. IRS Auditors know that most people fear them and are ignorant of their rights. As a result, they know they can use that fear and ignorance to their advantage.
Rarely do our clients even have to talk with the IRS. We handle it all for you so that you need not take time off of your business or job to handle the bureaucracy and paperwork of the IRS. No lost wages or business. You simply forward notification of an audit to us and we handle it from A to Z.
NON FILED TAX RETURNS
Every day the massive computer center at the IRS is getting more sophisticated, it's just a matter of time before they catch up with you.
This is not a situation to take lightly, failing to file your tax returns is a criminal offense. If you do not file, you can be prosecuted and punished with potential jail time, one year for each year not filed. Why risk potentially losing your freedom for failing to file your tax returns!
Let us give you the peace of mind you deserve by helping you get in compliance with the law. If you voluntarily file your delinquent returns you'll likely avoid further problems other than having to pay the interest and penalties.
If you wait for the IRS to file your returns for you, they are filed in the best interest of the government, usually with little or none of the deductions you are entitled to.
Before anything can be done to extract you from this predicament all the returns must be filed. You must be current. In most cases, you will likely owe taxes, interest, and penalties after the returns are filed. Once we see how much is owed, we'll set a course of action to get you off the hook!
BACK TAXES OWED
You have filed your returns but didn't have the money to pay what was owed. You may think, "Oh well---I will catch up next year." Before you know it you find yourself several years in arrears and suddenly there is a notice from the IRS, stating that you owe three or four times the original amount.
It's truly amazing how fast tax penalties and interest add up. Now you have a choice, you can write a big fat check and pay the full amount, including interest and penalties. Or you can just keep ignoring them while the penalties and interest keep piling up.
IRS LIENS
Federal Tax Liens can really make your life miserable! When your taxes are not paid the IRS establishes a lien against all of your assets (especially real estate). This gives the IRS the legal right to collect taxes from the sale of your assets, which includes just about everything you own.
The lien can be against you, your spouse, or your company. A lien against your company would seize your accounts receivables. At this point everything you own is just one short step away from becoming the property of the United States Government.
Liens filed against you by the IRS also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. The banks don't want the extra work when the IRS comes in to take your money.
With a Federal Tax lien on your record you can't get a reasonable loan to purchase a car. Think about paying 18-22% interest on a car that is already too expensive. You definitely cannot buy or sell any Real Estate. The list is endless.
IRS LEVIES
Levies can really do a lot of damage and even ruin your life. A levy is the IRS's way of getting your immediate attention. What they are saying is, we have tried to communicate with you but you have ignored us. Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes checking accounts, auto's, stocks, bonds, boats, paychecks, and even Social Security checks!
Imagine waking up one morning and finding all your bank accounts have been cleaned out. They will take every dime. If this amount did not cover what is owed, they'll keep taking your money until you cover your tax liability. They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. But they don't care! Their sole objective is to collect the taxes owed. Period.
As bad as that is, a worse method is a wage levy (or garnishment). That's when most of your pay check goes to the IRS, they don't leave you enough to pay the bills, and most of your check goes to the IRS each and every week until the debt is paid.
If that doesn't accomplish what they want, they'll pull out all the stops. They'll seize your assets, and sell them at auction. That includes everything you own; home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, anything of value.
We are often able to get those levies released and help you get out of this terrible situation. Our goal is to get you even with the IRS, with what you can afford, and let you start life anew.
IRS WAGE GARNISHMENT
You received a notice of "intent to Levy" 30 days ago and you forgot or ignored it. Now it's Payday. Expecting a check, you open the envelope and find that the IRS has taken most of your money. What's left is not enough to pay the rent, car payment, buy groceries, or pay the rest of the bills. This action will continue on every check due you, until the tax owed is paid in full.
Now you're in big financial trouble. No matter how hard you plead with your employer they can not give you your money. Because once a wage garnishment is filed with your employer, your employer is required by law to collect a large percentage of each of your paychecks.
We are regularly retained to negotiate the release of IRS wage garnishments by arranging a payment plan. The payment plan negotiated by us is always more favorable than any IRS wage garnishment. It allows you to receive your whole paycheck without fears of future wage garnishments.
IRS SEIZURES
Unlike the levy which involves intangible assets such as your bank account, a seizure is the taking of physical assets, such as your home or car. Seizures usually happen in aggravated cases when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.
A Seizure should not be taken lightly. The IRS will ultimately pursue seizure of your physical assets. Don't think they won't. Many a newspaper or television show has reported citizens being forced out of their homes after it was sold at an IRS auction, often for as little as half its value.
When the IRS seizes your assets they want to quickly sell them at auction. They often get less than half your assets value, so they often seize everything you own including your home, cars, boats, jewelry, motorcycles, insurance polices, and even your retirement funds.
IRS SOLUTIONS
OFFERS IN COMPROMISE
Did you know that you can settle your debt with the IRS for just pennies on the dollar with their Offer in Compromise program? The program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay.
The IRS Code states: "We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential..." (Internal Revenue Code section 7122).
Often it is possible to fully and completely eliminate the taxes you owe - including all penalties and interest - at an enormous discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done "right."
If done correctly your debt may be settled for only 5-15% of what you presently owe. The key is to determine the least amount that the IRS will accept from you before you make the offer.
IRS PAYMENT PLAN
f you don't qualify for the IRS Offer In Compromise program, a Payment Plan may be the way to resolve your problem. Setting up a payment plan with the IRS gives you a little more time to pay off your tax debts.
Unfortunately, penalties and interest will continue to be charged on your outstanding balance as you pay the debt off. You are required by law to pay the interest on your tax debt.
BANKRUPTCY
Your back taxes, interest and penalties can be wiped out by filing bankruptcy. If you qualify, bankruptcy can be the best solution to resolve your crushing tax problems.
Unfortunately, not everyone qualifies to wipe out their tax debt in bankruptcy. Certain rules have to be met first. If you file bankruptcy and don't meet the rules, the IRS will still be in hot pursuit after your bankruptcy is over. Proper pre-bankruptcy planning is key to determining if bankruptcy is or can be a viable solution.
INNOCENT SPOUSE RELIEF
Did you know that you can get out of the tax debt due to the misdeeds or fraud committed by your spouse? Innocent Spouse Relief was designed to alleviate unjust situations where one spouse was clearly the victim of fraud perpetrated by their spouse or ex-spouse.
GET YOUR IRS FILE
Did you know that you can obtain a copy of your IRS file? Most people would be surprised to learn how much the IRS knows about them. Obtaining a copy of your IRS file is critical in analyzing the options available to resolve your tax problems.
Requesting copies of your IRS file is best done by a professional who understands how to obtain them without raising any red flags as well as how to interpret the information in your file.
BUSINESS SERVICES
CASH FLOW MANAGEMENT
A wise business owner once said, "Happiness is a positive cash flow." As a business owner, I'm sure you agree. Everything is better when your cash-in exceeds your cash-out.
A cash crisis can be emotionally devastating and it can even kill your business. If you've ever had to beg, borrow and steal to cover tomorrows payroll you know what I mean.
Our cash management service allows you to...
know when, where, and how your cash needs will occur.
know what the best sources are for meeting your additional cash needs.
be prepared to meet these needs when they occur, by keeping good relationships with bankers and other creditors.
The starting point for avoiding a cash crisis is allowing us to develop a cash flow projection for you. We can help you develop both short-term (weekly, monthly) cash flow projections to help you manage daily cash, and long-term (annual, 3-5 year) cash flow projections to help you develop the necessary capital strategy to meet your business needs.
We also prepare historical cash flow statements to help you gain an understanding about where all the money went.
Creating an accurate cash flow projection is just one of the many cash management services we provide. You also get...
Help obtaining an appropriate line of credit
Cash collection acceleration techniques
Proven effective collection policies
Proven effective payment policies
Help obtaining the maximum rate of return on your idle cash
STRATEGIC BUSINESS PLANNING
A Strategic Business Plan is much more than a tool to obtain financing. If you still have all you plans and ideas locked up inside your head... preparing a strategic plan helps you clarify your company's direction, ensures your key leaders are all "on the same page", and keeps both management and staff focused on the tasks at hand.
A Strategic Plan is often needed when...
Starting a new venture, product or service
Expanding a current organization, product or service
Buying a new business, product or service
Turning around a declining business
The Strategic Plan provides a blueprint, describing your company, its products, the competitive environment, management team, financial health, and business risks.
The plan allows you to...
Identify and describe the target customer profile, features, advantages and benefits of your new venture, product or service.
Justify that your plans are credible by fully researching the need being filled with your new venture.
Develop marketing plans including full descriptions of targeted promotional campaigns with implementation timelines. You also get to examine market conditions, the nature of your customers, as well as your competitors, sales potential, and projected results of your promotional campaigns.
Develop staffing plans including identifying the key players, skills, attitudes and expertise needed to build the venture.
Develop management plans including full descriptions of management systems and timelines for implementation.
Develop financial plans including projected startup costs, operating costs, revenue, profits, and break-even analysis for the first 3 to 5 years.
Projected financial plans allow you to effectively predict upcoming problems, or prevent them. In other words, the perspective gained through your Strategic Business Plan can make a significant contribution to your company's success, and help you get the funding you require. In fact, most lending institutions and private investors will not even talk to you without a solid financial plan.
Identify building and equipment needs including vendors and cost estimates.
Formulate company milestones including timelines for upcoming products and services in development.
NEW BUSINESS FORMATION
Thinking of owning your own business?
Opening your own business is exciting and thrilling. It's everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It's up to you to maintain and stretch out the "thrill and excitement" period forever.
A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.
We help you...
Prepare an initial business plan to clarify your marketing, management, and financial plans.
Determine your start-up capital needs.
Identify sources of start-up capital and backup sources if needed.
Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.
Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
Select the right accounting software by evaluating your budget, needs and hardware.
Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.
Establish billing and collection procedures to maximize your cash flow.
Establish procedures to monitor and control costs.
Setup a home office so you can maximize your tax deductions.
Prepare and file all required state and local licenses and permits.
Prepare and file your application for your Federal Employer Identification Number.
Provide payroll and payroll tax filing when you bring on your first employee.
Comply with employment laws so you don't get hit with fines and unhappy employees.
Identify your business insurance needs.
Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.
Let us help you succeed by getting your new business off to a good strong start.
NON PROFIT ORGANIZATIONS
We can help you setup and maintain your non-profit organization's tax-exempt status by handling all the IRS reporting for you.
Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items.
Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent...
Balance Sheet with specific categories like cash, accounts receivable, accounts payable...
Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
Revenue Support Schedules that detail the organization's sources of income in specific categories like charitable donations, membership fees, investment income.
The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it's imperative that you build your accounting system around these revenue and expense classifications.
Here's what we do for you...
Review and compile your financial statements
Design, install, and maintain your Accounting System
Weekly, bi-weekly, or monthly payroll preparation
Payroll Tax Preparation and Deposits
Provide training for your accounting personnel
Complete and file your non-profit status application
Provide training for your board on non-profit financial statement usage and effective budgeting practices
Prepare and file the 990 and 990T tax forms
Prepare your initial start-up documentation, including incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies.
Churches: We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers.
If you're starting a new not-for-profit organization we can help you prepare your organization's 501 (c)(3) application for tax-exempt status.
Here's what's needed...
Articles of Incorporation containing the Exempt Purpose Statement as described in IRS Code section 501(c)(3) and defined in Treasury Regulation 1.501(c)(3)-1 Paragraph d and the Dissolution Statement described in Treasury Regulation 1.501(c)(3)-1 Paragraph b subparagraph 4 ("Organizational Test").
Employer Identification Number
By-laws of the Organization
Minutes of Board Meetings
Names, Addresses, and Resumes of Board Members
Names and addresses of all Active Members
Inventory of Assets like cash, furniture, equipment, property, pledges...
Inventory of Liabilities like mortgages, accounts payable, loans...
Rent/Lease Agreements and Contracts
Revenue and Expense Statements for the last four years or as far back as possible if your organization has been in existence for less than four years.
Written Reason for Formation and History of the organization.
Organization Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Organizations.
Organization Activities, Operations and Programs Documentation including your statement of purpose & operations, food programs, fundraisers, flyers/brochures/pamphlets...
Financial Support Documentation including all sources of revenue like contributions, tithes, offerings, fundraisers...
Fund Raising Program Descriptions
IRS Processing/Filing Fee
INTERNAL CONTROLS
At times you may need a trained outside professional to evaluate your company's operations to determine if the appropriate controls are in place to ensure proper handling of resources and to protect yourself from employee theft.
We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.
What we do for you...
Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.

Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available.
Ensure records are routinely reviewed and reconciled, by someone other than the preparer or transactor, to determine that transactions have been properly processed.

Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.

Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision, and are aware of the proper channels for reporting suspected improprieties.
Document policies and procedures and making them accessible to employees. The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.

Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.
SMALL BUSINESS ACCOUNTING
As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits!
Each month or quarter we'll do the following things for you...
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Bank Reconciliation
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to...
Identify lost checks, lost deposits and unauthorized wire transactions.

Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.

Detect and prevent embezzlement of funds from within your company.

Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.

Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.

Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.

Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
Income Statement
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
An income statement allows you to...
Track revenues and expenses so that you can determine the operating performance of your business.
Determine what areas of your business are over-budget or under-budget.
Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
Determine your income tax liability.
Balance Sheet
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.
A balance sheet helps you...
Quickly get a handle on the financial strength and capabilities of your business.

Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.

Determine if your business is in a position to expand.
Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses?

Determine if you need to take immediate steps to bolster cash reserves?
Determine if your business has been slowing down payables to forestall an inevitable cash shortage?
Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.
Maintaining a Clean General Ledger
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.
Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.
Unlimited Consultations
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.
FINANCIAL SERVICES
FILE EVENTS
Life Events
Life is full of changes, and surprises. Use these guides to help you make sound financial decisions.
Getting Married
Becoming a Parent
Preparing for College
Developing a Financial Plan
Dealing with Your Bank
Improving Your Credit
Choosing A Professional
Buying Insurance
Getting a Loan
Planning For Retirement
Buying & Maintaining A Car
Buying & Selling A Home
Planning Your Estate
Making Charitable Contributions
Avoiding Scams
Getting Divorced or Becoming Widowed
Coping with Major Illness
Coping with Death of a Loved One
Improving Your Retirement
Handling Other Situations
BUSINESS STRATEGIES
Starting a Business? 3 Things You Must Know
Starting a new business is a very exciting and busy time. There is so much to be done and so little time to do it in. If you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That's where we can help.
Employer Identification Number (EIN)
Securing an Employer Identification Number (also known as a Federal Tax Identification Number) is the first thing that needs to be done since many other forms require it. The fastest way to apply for an EIN is online through the IRS website or by telephone. Applying by fax and mail generally takes one to two weeks. Note that effective May 21, 2012 you can only apply for one EIN per day. The previous limit was 5.
State Withholding, Unemployment, and Sales Tax
Once you have your EIN, you need to fill out forms to establish an account with the State for payroll tax withholding, Unemployment Insurance Registration, and sales tax collections (if applicable).
Payroll Record Keeping
Payroll reporting and record keeping can be very time consuming and costly, especially if it isn't handled correctly. Also keep in mind, that almost all employers are required to transmit federal payroll tax deposits electronically. Personnel files should be kept for each employee and include an employee's employment application as well as the following:
Form W-4 is completed by the employee and used to calculate their federal income tax withholding. This form also includes necessary information such as address and social security number.
Form I-9 must be completed by you, the employer, to verify that employees are legally permitted to work in the U.S
INVESTMENT STRATEGIES
Financial Planning Checklist
Once you've finished with your tax planning for the year, and your return is safely on its way to the IRS, you're at an excellent point for a quick financial check-up. Your tax return is handy, as a quick snapshot of your financial situation, and the figures are recent and accurate. Take a few minutes to consider these questions:
1. Have you determined your short- and long-term financial goals?
Have you consistently reviewed and updated them for any changes?
2. Are you saving and investing sufficient sums to fund your short- and long-term goals?
By defining goals that are time and dollar specific, you can regularly assess if you are on track to reach them.
3. Are you making the best use of tax-deferred savings plans, such as IRAs, 401(k)s, and Keoghs?
Are you contributing the maximum you can? Did you make plan investment choices consistent with your investment time frame and risk tolerance? Alternatively, are you satisfied that you have worked out the most appropriate way to take withdrawals for both yourself and your designated beneficiaries, with a careful balancing of income tax and estate tax considerations?
4. If you are an employee, are you getting the optimum from your employee benefits?
Do you understand and use any flexible spending accounts that you may be eligible for? Have you developed a strategy for exercising your employer stock options and using any deferred compensation plans?
5. If you are concerned about paying for a child's education, are you saving and spending in the most appropriate ways?
Are you using tax-deferred savings, tax-favored loans, and tax credits? Are you striking an appropriate balance between saving in the child's name (either outright or in trusts) and saving in your own accounts?
6. Do you have an "emergency fund?"
Many experts recommend that you have the equivalent of three to six month's take-home pay in an account where you can get at it quickly. An emergency fund gives you cash to weather a squall or two without having to disturb your investment portfolio or sell off any other assets.
7. Have you checked the asset allocation of your portfolio lately?
Run-ups and downturns in the market can each disrupt the allocation of your investments, leaving you with more or less in any one asset class than you consider optimal. Should you be thinking about tax-free or taxable fixed income securities, based on your marginal tax rate and risk tolerance?
8. Do you have adequate insurance?
If you die unexpectedly do you have enough life insurance to protect your family? What about disability insurance if you or your spouse couldn't work for an extended period of time? Most people have auto insurance is required by law and most homeowners also are required to have adequate homeowner's insurance, but did you know that it's just as important to have insurance to protect the contents of your home even if you rent it?
9. Do you have all of the necessary legal documents in place?
Is your will up-to-date? How about your estate plan? Trusts for you and/or your spouse and other heirs? A living will or other health care directives? A durable power of attorney for managing your assets if you can't? Have you told family members or trusted friends where they can find these documents?
10. Is your credit under good control?
Is the interest rate on your mortgage the best you can do, or should you be applying for a lower rate? Should you be shopping for a credit card with a lower interest rate, or perhaps for a home equity loan?
11. Are you maximizing your cash flow through income tax strategies?
How are you funding charitable contributions -- with cash or securities? Do you prepay itemized deductions to accelerate the tax benefit?
12. If you own your own business, do you have a plan for smoothly passing on that business to family members or trusted employees?
Are you aware of and planning for any income and related estate taxes? Are you making optimum use of insurance to safeguard your transition plans?
13. Have there been significant changes in your family this year?
Births, deaths, graduations, engagements, and the beginning and ending of marriages can all have multifaceted effects on your financial plans. Consider their effect on your own situation. You may want to start a college fund for a new baby, or make a plan for investing assets you've inherited, or make provision for your daughter's wedding next summer. On the other hand, if you have recently divorced, you will want to review the beneficiary designations on your insurance policies and retirement plans.


The ad is older than 60 days.
Website: http://www.taxservicedc.com
Category:  Financial
 |  Address:  Washington, Washington 20011

Copyright © 2017 Americanlisted.com, All Rights Reserved.
Designated trademarks and brands are the property of their respective owners.