You Know You Need Integrity Accounting To Help File Your Taxes If . . .March 14th, 2016 by Integrity Accounting
Well, there are many reasons. Not least among them being: we at Integrity Accounting like what we do. To paraphrase Sally Field: We really, really like it. Is filing taxes something you enjoy doing as much as we do? If it is, if you like doing it and it’s cost-effective, i.e., if you’re taxes are pretty straightforward and you can get them done in five hours or less and there’s little chance of any mistakes or worry that the IRS won’t be knocking on your door down the line, then, yes, going solo probably works.
But what if numbers aren’t your thing? What if you want to save yourself some time? Integrity Accounting can help you cut down on the confusion, and cut down on the time it takes to do the job effectively. What if you owe back taxes?
Or maybe you’ve undergone a major life change in the past year? Divorce, inheritance, married, retired? New kids? Inheritances and divorces can be costly, while kids and marriage can save you money. Or maybe you’re starting a new business. Integrity can help you with all the proper forms.
Maybe you’re bringing in more than $200,000 per year. Chances are, you’re doing that well financially, you’re probably plenty smart enough to file your taxes on your own. But do you want to spend your time doing that? When we at Integrity Accounting—we like finding loopholes and new laws and obscure codes that will ultimately save you money. It’s fun for us. Is it fun for you? Is it financially fun for you? Besides, the likelihood of an audit increases the more you make: if you’re making under $200K, the chance of an audit is 0.9%; over $200K, 3.7%; over $1 million, 12.5%. You keep doing what you’re doing (well enough to make all that money), and let us do what we do best: taxes—and having your back if the IRS comes calling.
Or maybe you own a business, you’re self-employed, you have rental properties. There are opportunities to minimize taxes by depreciating business or real estate assets.
Or you have some real estate you’re wanting to unload. An accountant can help you use a like-kind exchange to minimize your taxes on the gain of property that you are planning to sell. “Historically, these exchanges are a very important consideration for a very important segment of the economy,” said Jeffrey D. DeBoer, chief executive of the Real Estate Roundtable. And so . . . important to you and your tax returns.
We can also be a huge help in setting aside money for kids and grandkids—or whomever. There are all sorts of options for tax-deferred or tax-free saving, whether you are considering creating a trust for your children or setting up a 529 plan for college saving plan. (Many parents have been wondering of late what steps they can take to keep their education savings intact, according to 529 experts like David Malone, director of Investment Management at Ascensus, the leading administrator of 529 college savings plans, and Joe Hurley, founder of Savingforcollege.com and the nation’s foremost expert on 529s.) Or say you’re wanting to make a large gift. Simple, right? It’s not as easy as dropping a five-dollar bill into that Salvation Army bucket. Integrity can fill you in on all the different tax advantages (yes, the advantages of giving away money) that are out there, including using your retirement plan as a source of funds or employing a donor advised fund.
Let’s say you don’t have any specific reason. We can still help you. How? We’re up on all the changes in the tax laws. We’re ever mindful of what’s going on and how the latest changes might help or hinder you. Or maybe your own tax situation has changed and you’re not even aware of it—how to guard against unseen hits, how to take advantage of something that could be very much in your favor.
But one of the best reasons to seek us out here at Integrity is this: we will never lie to you about your finances. We’re your best sounding board. Would that real estate investment yield a satisfactory return on investment? Should you lease or purchase that piece of capital equipment? Is that a sound stock investment? Can you really give your cousin $13,500 this year tax-free (to her) or is it still $11,000? Or what is the figure nowadays anyway?
If any of the above sounds like it might apply to you, then visit us at Integrity Accounting. We like what we do. We really do. And so will you. You really will.