- Tax PlanningThis Financial Guide discusses the rules that apply when you contribute property--as opposed to money--to charity and is meant to provide general information. Contact your tax advisor if you need tax planning assistance.
- Charitable GivingTip: Don't forget to keep receipts, canceled checks and bank statements so you will have records of your charitable giving at tax time.
- Estate Taxes
- Lessen Taxes at Time of Death
- Avoiding ProbateJoint Tenancy, with right of survivorship. Equal ownership by two or more people. At death property passes to the joint owner's. This is an effective way of avoiding probate.
- Tax ServicesThese 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.
- Roth IRALike a 401(k), IRAs offer huge tax breaks. There are two types: a traditional IRA offers tax-deferred growth, meaning you pay taxes on your investment gains only when you make withdrawals, and, if you qualify, your contributions may be deductible; a Roth IRA, by contrast, doesn't allow for deductible contributions but offers tax-free growth, meaning you owe no tax when you make withdrawals, but contributions are not deductible.
- Real Estate TaxesCaution: To avoid having your dream home turn into a nightmare, calculate how much you realistically can spend on the monthly mortgage payment. Do not forget to add in the real estate taxes and mortgage insurance.
- Form 1065While an LLC itself doesn't pay taxes, co-owned LLCs must file Form 1065, an informational return, with the IRS each year. This form, the same one that a partnership files, sets out each LLC member's share of the LLC's profits (or losses), which the IRS reviews to make sure the LLC members are correctly reporting their income.
- Tax DeductionsTip: Fixed rate mortgages are usually available at higher rates than many other types of loans. But if you can afford the monthly payments, inflation and tax deductions may make a fixed rate mortgage a good financing method, particularly if you are in a high tax bracket and need the interest deductions.
- Income TaxPreparing 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.
- Tax DeferralVarious tax benefits, including tax exemption, tax deferral, tax credits, and deductions, are available if you are paying or saving for college or other higher education costs. This Guide suggests ways to take advantage of these benefits.
- Capital Gains TaxesFor growth stocks you hold for the long term, you pay no tax on the appreciation until you sell them. No capital gains tax is imposed on appreciation at your death.
- Mutual FundsStocks contained in an appropriate mutual fund or portfolio can provide you with a higher yield at an acceptable risk level. Stock mutual funds can provide superior returns over the long term. Income and balanced funds can meet the investment needs of those who begin saving when the child is older.
- Bonds
- Money Market FundsMoney market funds, CDs, and Treasury bills are the most conservative investments. However, of the three, only the Treasury bills offer a rate that will keep up with inflation. For the average individual saving for retirement, it is recommended that these vehicles make up only a portion of investments.
- Accounting ServicesWhether you need to prepare for tax time, a financial review or you just need to clean up some problem areas, you'll be prepared with a QuickBooks Tune-up. In four (4) hours, a QuickBooks Professional Advisor will help you clean up and organize your bookkeeping system.
- Payroll ServicesOur payroll service eliminates the burden of customizing, updating and maintaining your own payroll system--no more data entry, no more researching updates or new laws, no more worries.
- Cash Flow AnalysisMonitoring and managing your cash flow is important for the vitality of your business. The first signs of financial woe appear in your cash flow statement, giving you time to recognize a forthcoming problem and plan a strategy to deal with it. Furthermore, with periodic cash flow analysis, you can head off those unpleasant financial glitches by recognizing which aspects of your business have the potential to cause cash flow gaps.
- Bookkeeping Services
- Financial PlanningThis Financial Guide tells you how to begin the financial planning process. It provides worksheets to help you find out where you are financially and where you want to be in the future. It will help you identify your goals, determine your net worth and cash flow, plan to achieve your goals as well as begin to put your plan into action.
- Retirement PlanningIt is never too late to start or to improve a retirement plan. This Financial Guide shows you the basics of retirement planning, and will enable you to get started or to revamp an existing plan. Basically, there are three steps to retirement planning...
- AnnuitiesEstate planning on your own can be complicated and costly. And the list is endless... state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns, eligibility of heirs, life insurance, IRA's, 401K's, annuities, burial or cremation costs, and intent regarding death-postponing treatment to name a few. Not knowing your legal and financial rights often ends up costing you more in the end.
- Long Term CareBy 2020, 12 million older Americans will need long-term care. Most will be cared for at home; family and friends are the sole caregivers for 70 percent of the elderly. A study by the U.S. Department of Health and Human Services says that people who reach age 65 will likely have a 40 percent chance of entering a nursing home. About 10 percent of the people who enter a nursing home will stay there five years or more.
- Asset ManagementRelated Guide: For a comprehensive discussion of asset allocation, please see the Financial Guide: ASSET ALLOCATION: How To Diversify for Maximum Return.
- Living TrustsA trust, like a corporation, is an entity that exists only on paper but is legally capable of owning property. However, a live person called the trustee must be in charge of the property. Further, you can actually be the trustee of your own living trust, keeping full control over all property legally owned by the trust.
- Charitable Remainder TrustsLeave them to family for life, with the remainder to charity in the form of a charitable remainder trust. This reduces estate tax with some benefits to family.
- College FundingPlanning Aid: For an estimate of the amount of money you would have at the time your child enters college if you begin saving now, see the Financial Calculator: The College Savings Plan Calculator.
- Mortgage RefinancingRequest the consumer information catalog. Handbooks cover subjects such as adjustable rate mortgages, mortgage lock-ins, and mortgage refinancing. Other titles cover home safety issues, such as asbestos and the use of wood-burning stoves.
- Reverse MortgagesIf you've been thinking about buying a home, you may be wondering how to select the best way to finance your purchase. With so many choices available--from traditional fixed rate loans to adjustable rate loans and reverse mortgages--it's more important than ever to educate yourself in order to find the right mortgage for your needs.