Your Path to Financial Freedom

Most people have clear financial goals, whether it is having enough money to retire comfortably, saving enough for their children’s education, or passing accumulated wealth to future generations. You may question how you got there. Questions such as:

• How much risk should I take to reach those goals?
• Will I have enough money to retire?
• How can I save for my children’s education and save for retirement too?
• Are there ways to minimize taxes on accumulated wealth?
• Should I convert to a Roth IRA?
• What impact does social security have on my tax situation?

These questions are valid concerns. Financial planning is complicated, and you are busy enough with everyday life. The good news is that we have answers. As a premier financial services firm, we know what it takes to make sure our clients achieve the financial independence they deserve after a lifetime of hard work.

What we do for you:

• Develop a comprehensive personal financial plan to achieve your goals
• Periodically review your personal financial plan as your life situation changes
• Integrate your financial plan with your tax planning (individual and business)
• Evaluate estate, gift tax, and trust tax strategies to preserve wealth
• Review investment strategies (are you paying too much in fees?)
• Evaluate investment and retirement portfolio risk (more aggressive, less aggressive)
• Help you understand Required Mandatory Distributions (RMDs) from IRAs
• Analyze your current budget versus your retirement budget
• Create a retirement income distribution plan that meets your goals

The key to successful retirement planning is developing a plan that meets your projected financial goals down the road.

That is no easy task, however. Tax rules regarding retirement plans are complex. Each benefit plan has specific requirements as outlined by the IRS, and it is important to understand the tax implications of your retirement planning choices.

If you have already started saving for retirement, are you confident that you are saving enough to live the comfortable lifestyle you deserve, or that you have your money in the right retirement plan for you?

If you have not started saving for retirement, we will help you figure out a plan that works for you and your family.

When you use our retirement planning services, you benefit from our in-depth knowledge and years of retirement planning experience. Here is what we do for you:

• Evaluate your current financial situation, including assets and liabilities.
• Create a budget that meets your retirement goals, including how much you need to contribute to your current retirement plan to meet those goals.
• Review your Social Security account to determine the best time to begin taking your benefits.
• Make sure that you understand how other sources of retirement income affect the retirement planning process.
• Determine whether taking a lump-sum distribution or opting to take monthly payments is better for your particular financial situation.

Planning for your family’s financial future is not just for the one percent; it is important for everyone, especially if you have a spouse or children.

The reality is that most people do procrastinate and never get around to estate planning until it is too late. There are many reasons why this happens. Perhaps you are under the impression that it is too expensive. Maybe you just do not want to think about death because it is unpleasant, or feel that, because you are young and healthy, there is plenty of time to worry about the future later.

Unfortunately, you could be wrong, and your family could be in for a surprise. Because if there is no estate plan in place, then state laws dictate how your assets and property are allocated—not you or your family.

If you are ready to start planning for your loved ones’ financial future, you probably have plenty of questions. The good news is that we have answers. We have developed relationships with investment advisors, attorneys, and other financial professionals so that we are able to develop a long-term estate plan that meets the individual needs of every client. We also stay current on tax law changes that affect estate planning.

Here is what else we do for you:

• Allocating assets to spouses, children, trusts, and charities
• Periodic review of estate planning needs as your family situation and finances change
• Gift tax strategies
• Business succession planning
• Trust administration
• Tax planning and preparation, including estate, gift, and fiduciary tax returns

Do you have an elderly family member who needs help with day-to-day finances, such as paying household bills or balancing a checkbook? Are you worried that financial predators might be taking advantage of your elderly parents?

If you answered yes, we are here to help.

We provide financial services and support for seniors who might need help handling their finances, whether it is managing assets to maintain wealth or paying household bills on time.

Most adult children are too busy taking care of their own families, are too far away, or simply lack the specialized knowledge needed to be of much help. Even if you have the time and energy to take care of an elderly parent’s day-to-day finances yourself, working with a caring, honest, and knowledgeable professional accounting firm like ours means that you have someone on your team who is looking out for your loved one’s best interest while keeping you informed every step of the way.

When you work with an accounting firm specializing in elder care accounting services, you can rest easy knowing that your elderly family member’s needs are being met.
Here is what we do for you:

• Income tax preparation
• Household budgeting, including unexpected expenses (home repairs, emergency medical expenses)
• Monitor investment, bank, and other financial accounts
• Manage and review day-to-day finances
• Keep track of income and expenses to ensure adequate cash flow
• Prepare financial statements and review for accuracy and fraud prevention
• Evaluate financing options for health care
• Inventory personal assets and investments

If you have accumulated significant wealth over your lifetime, a wealth management plan is the best way to ensure your assets are invested in such a way as to achieve maximum income growth.

Chances are good that you probably have more wealth than you think. If you are like most people, you probably participate in a retirement plan through work or self-employment. If you support a family, then you probably have life insurance as well as home and auto policies. You might have a stock portfolio that has been accumulating wealth or an IRA or two that you inherited but have not paid much attention to in years.

What is Wealth Management?
Wealth management is a high-level professional service that provides an integrated approach to growing and preserving income and assets, as well as determining how much of a client’s wealth is to be distributed and for what use.

Wealth management typically includes investment planning, financial planning, tax and accounting services, and retirement, legal, or estate planning under a single wealth management plan that both simplifies and organizes. Wealth management also takes into consideration the “what if situations” that happen to all of us.

While our goal is to develop a wealth management plan that meets your objectives we are available to assist you in coordinating with your other trusted advisors such as estate planning attorney, CPA, home and auto insurance agent, life insurance agent, and business consultant(s) if you own a business. If you do not already have trusted advisors that you work with, we can recommend one or more professionals for you.

As your wealth management advisor, we work with you to:

• Create a wealth management plan based on your financial picture
• Manage assets and investments to maximize growth
• Evaluate tax strategies to minimize taxes on your portfolio
• Manage risk and identify opportunities
• Make recommendations based on your priorities and preferences

The decision to start a new business is an exciting one, but as every experienced business owner knows, there is more to it than developing a product and hoping it sells. As an entrepreneur, you are probably a “big picture” person with a vision. You would rather not deal with practical details like choosing a business entity, sales and payroll tax, or accounting systems that help you manage cash flow. The good news is that we are here to help you figure it out.

What we do for you:

• Determine which business entity best meets your goals and minimizes tax liability
• Partnership agreements
• Prepare a cash flow budget
• Create a business plan to help you secure financing (if needed)
• Set up an accounting system using software that works for you
• Create billing systems and implement policies and procedures for collections
• Make sure you are compliant with state, local, and federal tax laws, such as sales and use tax, payroll tax, and Federal EIN (Employer Identification Number)
• Prepare annual tax returns and quarterly estimated taxes as needed
• Assist you in filing paperwork for state and local licenses and permits as required
• Assess your business insurance needs

The goal of business financial planning for any company is to advise company decision-makers on how to achieve revenue and growth goals through strategic planning. We do this by analyzing, synthesizing, and translating data and using this information to help the CEO, CFO, COO, and other managers make better decisions about your company’s future.

You may feel that you are earning a good living, however maybe you have been wondering if there’s other ways you could become even more profitable, without making too many changes to your business practices.

The good news is that you can, and we are here to help you do just that.

If you run a successful business, you already understand how important it is to work with an accounting firm that understands how your company operates. What you might not realize is that when you add an accountant with expertise in financial planning and analysis to the team, it allows you to take your business to another level.

Here’s what we do for you:

• Financial reporting and analysis
• Identify company-wide trends and variations in your business financials
• Use historical performance data to forecast future performance
• Profitability analysis
• Develop and maintain strategic plans in support of growth
• Business modeling
• Budgeting and financial forecasting
• Sales, marketing, and economic analysis
• Company performance management (developing key performance metrics and benchmarking)

Businesses of all sizes benefit from hiring a Chief Financial Officer (CFO) or controller. But many small business owners worry that they cannot afford it. Maybe you’ve been trying to take care of your business financials in your spare time (or ignoring them altogether), but you quickly realized it is a losing battle because, unless you’re an accounting professional yourself, your expertise lies elsewhere.

Fortunately, there is a cost-effective solution: part-time, outsourced CFO services. When you take advantage of our outsourced CFO services, you get a dedicated, experienced financial professional who helps you make the tough business decisions you need to guide your business to future success.

You’ll also have a better understanding of the financial side of your business based on hard numbers. No more guessing about whether you’ll qualify for that loan to buy more equipment or wondering why you’re always short of cash.

When you use our CFO services, here’s what we do for you:

• Prepare monthly, quarterly, or annual financial statements
• Financial forecasting
• Accounts payable and receivable
• Provide guidance for increasing cash flow and improving profitability in support of future financial goals
• Strategic tax planning
• Tax compliance (sales, use, and payroll taxes)
• Set up an accounting system and controls

Cash flow refers to the movement of money flowing into and out of a business. Positive cash flow is when you bring in more money than you spend. It is what every business owner strives for because it enables you to pay your liabilities and invest in your business.

As tax and accounting professionals for small and medium-sized businesses, our expertise lies in helping business owners manage their cash flow better with the goal of increased profitability.

Here’s what we do for you:

• Develop short and long-term cash projections
• Analyze prior years’ cash flow statements to help you understand where the money goes
• Prepare monthly, quarterly, and annual cash flow statements
• Provide you with tools to accelerate the collection process
• Develop updated billing and payment policies
• Assist with obtaining a line of credit
• Help you get the maximum rate of return on surplus cash

As a nonprofit organization, you face unique challenges that for-profit businesses don’t, such as the annual submission of Form 990, compliance with (OMB) Circular A-133 requirements or paying taxes on unrelated business income. That is why it pays to have a dedicated team of tax and accounting professionals that specializes in nonprofit accounting and tax compliance on your side.

Using state-of-the-art technology designed for nonprofits, as well as effective communication and proactive tax planning techniques, we make sure that every financial decision you undertake complies with your organization’s bylaws, maximizes your existing funding sources, and reduces costs. Whether you are an established nonprofit organization, association, foundation, charity, or other service organization, or are just getting started turning your idea into reality, we can help.

Here’s what else we do for you:

• Prepare quarterly and annual financial statements
• Prepare reviewed or compiled financial statements
• Submit annual Forms 990 and 990-T
• Prepare supporting documents (income, program and functional expenses, balance sheets, revenue support schedules)
• Comply with state laws affecting nonprofits
• Apply for tax-exempt status under (Section 501(c)(3)—including filing Form 1023

Every business faces risk, but with an effective system of internal control measures in place, that risk is mitigated. This is not a task that is easily accomplished in-house, however, because as a business owner, your focus is on running your business, managing employees, and turning a profit.

We have assisted many business owners in creating effective internal control systems to prevent employee fraud, ensure compliance with regulations, and make sure company policies and procedures are in place so that your business operations are effective and efficient.

We work with your business to identify and document weaknesses with existing internal controls, then perform procedures to assess whether the current internal controls you have in place are effective. Finally, we offer recommendations in a report of findings that can be used to strengthen your internal control systems and that reflect the needs of a particular business.

What we do for you:

• Recommend segregation of duties for implementation by dividing responsibilities so that no single person has control over all aspects of financial transactions.
• Make sure transactions are authorized through delegating approval authority to an individual only when the transactions are consistent with policy and funds are available.
• Ensure records are routinely reviewed and reconciled by someone other than the preparer or transactor.
• Ensure that equipment, inventories, cash, and other property are accounted for.
• Physically secure, periodically count, and compare with item descriptions shown on control records.
• Provide employees with appropriate training and guidance to perform their job duties.
• Set up proper channels for reporting suspected improprieties.
• Document policies and procedures and make them accessible to employees.
• Review operations to determine whether the results are consistent with established objectives and goals and carried out as planned.

As your trusted advisors, we evaluate your individual tax situation and guide you through any tax challenges that develop. Our goal is to minimize your tax liability so that you can keep more of your hard-earned money.

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.

Here’s what else we do for you:

• Prepare accurate tax returns that are filed on time
• Calculate estimated taxes for self-employed small business owners
• Develop tax planning strategies that reflect individual financial goals
• Electronic filing and direct deposit for a faster tax refund
• File extensions and calculate estimated tax to avoid interest and penalties

As a business owner, you’re busy developing new products or services and making sure your business runs smoothly. You probably do not have time to reconcile your bank account or generate balance sheets to manage your cash flow, let alone read up on the latest tax laws to find out which tax breaks you can take advantage of.

When you first started out, and money was tight, the do-it-yourself method of accounting might have worked just fine. But now that you have employees, pay estimated taxes, and need to manage your cash flow better, it’s time to find a trusted advisor to partner with all year long—not just at tax time.

Here is what we do for you:

• State and federal income tax preparation and filing
• Local and state sales tax compliance
• State and federal payroll tax
• Minimize tax liability through the use of proven tax planning strategies
• Profit and loss statements
• Mergers and Acquisitions
• Entity selection and structure (S-Corp, C-Corp, LLC)

• Forms utilized, 1120 (C-Corp), 1120S (S-Corp), 1065 (Partnerships), Schedule C on personal return (Sole Proprietorship, or LLC)

Estate and trust tax preparation and planning are an important part of managing your financial future—and it’s not just for the one percent; it’s important for everyone, especially if you have a spouse or children or own a business.

As your trusted advisor, we help you develop an estate and trust plan that protects wealth and minimizes the tax burden on you and your loved ones.

Protecting your assets is critical to ensure financial security for your loved ones, and we know that estate planning and trust tax return preparation is not easy, often requiring specialized knowledge and expertise.

We have many years of experience helping clients just like you. We work closely with investment advisors, attorneys, and other financial professionals so that we are able to develop a long-term estate plan that meets the individual needs of every client. We also stay current on tax law changes that affect estate and tax trust preparation.

Our Estate and Trust Tax Services Include:

• Allocating assets to spouses, children, trusts, and charities
• Reviewing your estate plan and trust tax situation to ensure financial goals are met
• Gift tax returns and strategies
• Business succession planning
• Trust administration
• Trust income tax returns (1041)
• Estate tax returns (706)