At DesRoches & Company, we will look at your goals, and help you create long and short term strategies to make the most out of the ever-changing tax code. Proper tax planning and preparation gives you the power and knowledge to grow your wealth with confidence.
It's also our job to stay up-to-date on current federal and state tax laws through continuing education and we use our in-depth knowledge of tax codes when we prepare your individual tax returns--so you don’t miss out on any tax credits and deductions that you are entitled to take.
It's never too early to start thinking about retirement planning. According to the Employee Benefit Research Institute's 2017 Retirement Confidence Survey, nearly a quarter of workers said they had less than $1,000 saved for retirement, additionally more than half all of workers and 38% of retirees had less than $50,000 stashed away.
Some of the benefits of starting your retirement planning now instead of later include:
Providing long-term security for your family's future
Tax-free contributions - Pre-tax contributions are subject to income tax only after withdrawal, typically when you retire
Protection from bankruptcy creditors if you need to declare bankruptcy
Selection of retirement plans (IRAs, SIMPLE Plans, SEP plans, Keogh plans, and 401(K) plans to name a few) to meet everyone's needs
The key to successful retirement planning is an understanding your current financial situation and projecting future needs, then developing a plan to make sure it happens.
Perhaps you've already started saving for retirement. However, are you sure that you're saving enough to live a comfortable lifestyle? Do you know what kind of income can you expect in retirement? Would your money perform better in a different retirement vehicle? Contact us today. We can ensure that you have the information you need to make informed decisions.
What to Expect:
Clients can meet with the CPA responsible for their return. This is a great time to bring up any questions or concerns you have, major life changes, or future financial goals.
All clients are given a secure, cloud-based document storage portal. You can upload your tax documents or drop them off at our office.
All returns go through a tiered review process and are reviewed by our tax software to ensure that all allowable deductions and credits have been taken.
Your accountant will review your information and prepare your return.
We can assist you in determining your estimated tax payments for the following year, if any, and discuss any changes needed to your payroll withholding or other tax strategies.
We'll upload your return into your portal, and you'll review and approve your return.
Upon your signed approval, we'll electronically file your returns.
If you ever need a copy of your return (like buying that dream house) log into your portal and download a copy or call the office and a paper return can be printed for you.
Then relax, knowing that your return is completed.
How to Prepare:
Meet with your CPA as soon as possible. Call us today to schedule your appointment. To make the most out of your time, we've prepared a list of documents and information you'll want to give to your accountant:
For new clients:
Last year's tax return, both federal and - if applicable - state
Social Security Numbers and birth dates for yourself, your spouse and your dependents.
W-2 forms - All employers must issue these by January 31. Many employers deliver these electronically, so check your email in addition to your mailbox and get in contact with your HR/Payroll rep if you haven't seen yours by the deadline.
1099 Forms - These forms will capture income that you receive from various sources, whether you drove for a ride-share company, sold your art on Etsy, or had income from investments, we'll need all of these forms to compile your return.
Deductions help reduce your adjusted gross income (AGI), which lowers your taxable income. The lower your taxable income, the lower you can expect your tax bill to be. Gathering these records can take some time, but it can pay off. You don't have to itemize in order to benefit from some deductions. More deductions are available if you itemize expenses on Schedule A.
Here are some common tax deductions; your accountant can discuss these in greater detail during a planning session.
Retirement account contributions
Medical bills and post-tax HSA contributions
Property taxes and mortgage interest
State and local taxes
Rental or business expenses
Qualified business income deductions
Self-employed health insurance deduction
Credits provide dollar for dollar cuts in any tax that you may owe, but like deductions, you'll need documentation to claim them.
Here are some common credits, ask your accountant to see if you qualify for these.
American Opportunity and Lifetime Learning Credit
Child Tax Credit
Retirement savings contributions credit
Foreign tax credit
Child and dependent care expenses
If you've made federal estimated tax payments during the year, you should have this information on hand.
We provide all clients with a tax organizer, to ensure that we gather all relevant information. Please speak to your accountant for more information on any of the above items (and more). Schedule your tax consultation by calling us at 757-498-3000.