Tax Planning and Preparation
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Eliminate tax
anxiety.
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We handle
everything.
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Reduce your taxes...legally.
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Careful tax planning is essential in helping you avoid costly errors in tax reporting. We provide expert advice to assist you in understanding tax law changes and how they affect your business.
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Genesis can handle all your tax reporting requirements for federal, state and local taxes (including sales tax and unemployment tax). We can also take care of Social Security taxes and franchise tax forms too, if applicable. We protect your interests, save you time and provide the completed forms to you for your review prior to filing. All you do is mail the forms and any payments necessary in the envelope we provide.
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We can't change the tax laws, but we can make sure your records are in order...that your returns are completed on time...and that you receive all the deductions to which you are entitled. With proper tax planning, we can help you lower your tax bill.
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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 list 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 savings accounts
- Education expenses
- Hope scholarship credit
- Lifetime learning credit
- Bunching deductions
- Flexible spending accounts
- Health savings account
- 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 expense credit
For Investors:
- Tax-free municipal bonds
- Long-term capital gains and dividends
- Rental property
- Tax-free exchange
- Low-income housing credit
- Small business stock rollover
For Businesses:
- Home office deduction
- Keogh plan
- SIMPLE plan
- SEP
- 401(k) plan
- First year expensing of business equipment
- Bonus depreciation
- Year-end bonuses
- Bad debt write-off
- Disabled access credit
- Other business tax credits
- Tax-free exchange
Contact our office if you have questions or want more information on these and other strategies that could reduce your taxes.
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