Professional Tax Return Preparation

Today's tax laws are so complicated that unless your financial affairs are extremely simple, chances are you will benefit from at least occasional help from a tax professional. It is too easy to overlook deductions and credits to which you are entitled if you prepare only one return a year. Even the use of computer software is no substitute for the assistance of a seasoned tax preparer.

We prepare hundreds of tax returns every year. We know what to look for when your return is prepared.

Your Tax-Cutting Checklist

Whether you’re a wage earner, an investor, a business owner, or all three, you should use the tax-cutting benefits available in the tax law. There is little to be gained by paying more tax than the law demands.

Identify the tax-savers for which you qualify. Here’s a tax-cutting checklist to get you started. Check the list to see if there are tax breaks that you are overlooking.

For Individuals: Roth IRA Roth 401(k) if employer's plan permits Rollover to Roth IRA Tax-deductible IRA Child tax credit Income shifting to children Child care credit Earned income credit Lifetime gifts Education savings accounts Education expenses Hope scholarship credit Lifetime learning credit Bunching deductions Flexible spending accounts Health savings account Donating appreciated assets instead of cash Qualifying property for personal residence gain exclusion Best filing status Shifting income or deductions from year to year Adoption expense credit

For Investors: Tax-free municipal bonds Long-term capital gains and dividends Rental property Tax-free exchange Low-income housing credit Small business stock rollover For Businesses: Home office deduction Keogh plan SIMPLE plan SEP 401(k) plan First year expensing of business equipment Year-end bonuses Bad debt write-off Disabled access credit Other business tax credits Tax-free exchange

Contact our office if you have questions or want more information on these and other strategies that could reduce your taxes.