PREPARATION + STRATEGY
Our tax advisors can work with you to complete your yearly tax returns and to facilitate payment of quarterly estimates when appropriate. In addition, they are also able to assist you with your tax planning. While tax preparation is a necessity each year, tax planning can minimize the effect taxes may have on your overall financial situation to preserve your wealth. By working with Godsey & Gibb’s licensed tax professionals (CPAs) for your tax preparation services, they are also able to partner with you and your Wealth Management Advisor on tax planning and strategy for the current year and future years.
WHY IS TAX PLANNING IMPORTANT TO WEALTH PRESERVATION?
Tax planning is an essential component of the tax process, but is often forgotten about until tax season commences. There are many different financial moves that can have heavy implications on your tax liability, including capital gains and losses. In addition, life changes related to your job or family, selling a business, making a large purchase, or giving a monetary gift can also impact your taxes. Through our year-round team approach, your Godsey & Gibb Tax Advisor will work with you and the rest of your Godsey & Gibb team to minimize any tax surprises and determine strategies to preserve your wealth.
WHAT TAX PREPARATION SERVICES DO WE PROVIDE?
Your tax advisor can complete your yearly tax returns in addition to facilitating payment of quarterly estimates when appropriate. Our team is able to assist with the following types of tax returns:
- Individual income tax returns
- Estate and trust income tax returns
- Gift tax returns
- Pass-through entity returns for small client-owned businesses
WHAT ARE THE BENEFITS OF AN IN-HOUSE TAX TEAM?
- In-house planning leads to more efficient integration of tax and investment strategies
- Tax preparation process is simplified, as tax preparers have immediate access to tax documentation related to your investments
- We can assist in making estimated quarterly tax payments from your brokerage account(s)
STEP 1: INTRODUCTION MEETING
STEP 2: REVIEW PRIOR INCOME TAX RETURNS
STEP 3: FOLLOW-UP MEETING
STEP 4: ANNUAL TAX UPDATE CALL (OPTIONAL)
STEP 5: TAX ORGANIZER COMPLETION
STEP 6: TAX RETURN PREPARATION
STEP 7: TAX RETURN REVIEW & FILING
STEP 8: TAX PLANNING (OPTIONAL)
Please remember, that while tax preparation only occurs for a few months out of the year, your Tax Advisor is available to assist with your tax planning, to help you make informed decisions throughout the year that will help reduce your overall tax liability.
Do you have a charitable giving strategy?
Tax returns are complicated. To add to their complexity, investment income generated by stocks, bonds, and other investment assets may be taxed differently than your other sources of income. Investment income includes capital gains and losses. WHAT ARE CAPITAL GAINS AND LOSSES? If you sold an investment this year, a…
In our Q&A last month, we discussed bunching charitable contributions as a potential strategic option to lower your tax bill. Bunching contributions involves making multiple years’ worth of charitable contributions in a single year. This enables you to itemize deductions for that year while taking advantage of the standard deduction…
Since 2017, taking the standard deduction has truly become the standard. In fact, since the passage of the Tax Cuts and Jobs Act (TCJA), over 85% of Americans opted to take the standard deduction over itemizing deductions when filing their taxes. While this has simplified tax filing for many Americans,…
Did you know that a portion of your Social Security benefits may be subject to income tax? This occurs when your modified adjusted gross income (MAGI), plus 1/2 of your benefits, exceeds specified limits.
As part of the Inflation Reduction Act passed by Congress in August 2022, the Internal Revenue Service (“IRS”) recently released its plan for the nearly $80 billion in additional agency funding. A portion of the budget aims to improve technology and increase customer service. This includes investments in its online…
Filing your taxes can be a daunting task. This is especially true when you are not confident that you had enough taxes withheld from your paycheck throughout the year. If you have had too little taxes withheld, you could end up owing a significant amount of money come tax time.…
Last Minute Tax Planning Tips for 2022 It’s that time of year again! As we close out 2022, be sure to consider any final opportunities to help reduce your 2022 income tax liability. While every situation is different (consult with your CPA), we have included a few tax planning tips…
An individual retirement arrangement (IRA), or more commonly referred to as an “individual retirement account,” is a tax-deferred investment account that helps you save for retirement. Tax laws that impact IRA distributions are quite complex. This is especially true for those that control Required Minimum Distributions (RMDs). IRAs are tax-deferred…
It’s no secret that the cost of education is on the rise. The key to preparing for this large but important expense, is to develop a savings strategy early on. As we discussed in a previous Q&A on 529 College Savings Plans, these plans are state-sponsored, tax-advantaged, education savings investment…
Wedding season is approaching quickly. With the stress of planning a wedding, it is easy to overlook certain steps that affect your taxes and finances in general. We have compiled a list of steps to help with your taxes and other financial accounts. Name and address changes AFTER WEDDING If…