Individual Tax Services Overview
Health Savings Accounts (HSAs) – HSAs were designed to help individuals save
for future qualified medical and retiree health expenses on a tax-free basis. HSAs
have a high deductible, but allow the employer or employee to set aside money on
a tax-free basis to cover the deductible and other non-covered health expenses.
We can help determine if you qualify and how to maximize the benefits of an HSA.
Divorce Tax Planning – Decisions related to divorce have a long lasting impact
and are magnified if children are involved. We can help you resolve conflicts that
affect your financial future. We provide evaluation and recommendations related
to equitable income division, analyze prior tax returns and calculate after tax
income and cash flows, valuation, prepare future budgets and tax projections, provide
expert testimony, and work with you and your attorney during the mediation process.
Retirement Planning – When planning for retirement, you need to set goals,
plan how much money is needed to meet these goals, and work hard to achieve these
goals. We assist in making the right financial decisions that fit your income, lifestyle
and needs. By making the right decisions, your financial future and the financial
future of your family will be protected.
Professional Athletes – We provide special services to accommodate athletes,
which include communication and coordination with all appropriate parties, extensive
knowledge of the applicable types of compensation, the appropriate tax and multi-state
rules and preparation.
Stock Based Compensation Planning – We work with clients on the ramifications
of the different stock based compensation (i.e., non-qualified options, incentive
stock options, stock awards, etc.), how to best use them, and when to best use them.
This may involve research, analysis and tax projections.
Planning – We take a proactive approach by working with our clients to reduce
taxes and develop creative ideas and solutions, which minimize surprises for tax
purposes. We communicate on a regular basis and prepare tax projections as needed.
Preparation – We prepare and review an accurate return with the appropriate
documentation by using the most highly qualified personnel. We work with clients
to provide the relevant information on a timely basis.
Research – There are many gray areas of the tax law that depending on the
facts and circumstances will have many different results. Our team of experienced
tax professionals will research the particular tax area with the intent of resolving
the issue and backing up the stated position that will stand up against a governmental
objection.
Audit Assistance – We can assist clients in dealing with various tax authorities
at the federal, state and local levels, including all kinds of taxes. We will provide
only the records requested by the auditor and encourage the client to have the auditor
meet with us in our office.
E-Filing – The Internal Revenue Service and the State Department of Revenue
have become more and more technologically advanced. In an attempt to speed up the
process of filing tax returns, they have been encouraging taxpayers to electronically
file their tax returns and in some cases, they have mandated that the tax returns
be filed that way. We are authorized to electronically file returns and continue
to stay on top of the new technology.
At-Risk Rules – The at-risk rules determine the amount of loss that can be
deducted on a tax return and are very complex. We provide planning and ideas for
creating basis and utilizing tax losses.
Passive Activity Rules – The passive activity rules determine if losses can
be deductible based on participation of the client. We work with clients to determine
if these loss rules apply to the activity, how the losses can be best utilized,
and make suggestions for the activity to be classified as active rather than passive.
Net Operating Losses – We assist clients in planning for losses, realizing
their maximum tax benefit and determine if the loss should be carried back or forward.
We also prepare the loss carry back claim or make the carry forward election.
Alternative Minimum Tax (AMT) – This tax runs parallel to the regular tax
and is very complex. We provide comprehensive and creative planning, to the extent
possible to minimize this tax and if applicable, plan and claim the credits it may
create. We prepare extensive projections that may involve several years and many
different scenarios.
Payment Planning – We do advanced tax planning to minimize tax and underpayment
penalties and help client plan their quarterly tax payments and their balance due
on April 15. We also prepare the quarterly vouchers.
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