Professional Tax Return Preparation

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 help from a licensed 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. More importantly, you will have someone to answer your questions during the rest of the year. And we can put you on our mailing list to receive timely tax, business, and financial advice. 

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 lists to see if there are tax breaks that you are overlooking. 

For Individuals: 

  • Roth IRA 
  • Rollover to Roth IRA 
  • Tax-deductible IRA 
  • Child tax credit 
  • Income shifting to children 
  • Child care credit 
  • Earned income credit 
  • Lifetime gifts 
  • Education IRAs 
  • Hope scholarship credit 
  • Lifetime learning credit 
  • Bunching deductions 
  • Flexible spending accounts 
  • 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 credit     
For Investors: 
  • Tax-free municipal bonds 
  • Long-term capital gains 
  • Rental property 
  • Tax-deferred exchange 
  • Low-income housing credit 
  • Small business stock rollover 
For Businesses: 
  • Home office deduction 
  • Keogh plan 
  • SIMPLE plan 
  • SEP plan 401(k) plan 
  • First year expensing of business equipment 
  • Year-end bonuses 
  • Bad debt write-off 
  • Disabled access credit 
  • Other business tax credits 
  • Tax-deferred exchange 
Contact our office if you have questions or want more information on these and other strategies that could reduce your taxes.