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Unless your finances are very straightforward, you could likely benefit from working with a tax professional. No matter if you’re an investor, wage earner, business owner, or combination of the three, you should take advantage of tax-cutting benefits in our tax law. Here are some tax breaks you could be missing:

For Individuals:

● Adoption expense credit
● American opportunity tax credit
● Annual gifts to reduce estate
● Best filing status
● Bunching deductions
● Childcare credit
● Child tax credit
● Donating appreciated assets instead of cash
● Earned income credit
● Education expenses
● Education savings accounts
● Flexible spending accounts
● Health savings account
● Lifetime learning credit
● Qualifying property for personal residence gain exclusion
● Roth IRA
● Roth 401(k) if employer’s plan permits
● Rollover to Roth IRA
● Shifting income or deductions from year to year
● Tax-deductible IRA

For Investors:

● Long-term capital gains
● Low-income housing credit
● Rental property
● Small business stock rollover
● Tax-free exchange
● Tax-free municipal bonds

For Businesses:

● 401(k) plan
● Bad debt write-off
● Disabled access credit
● First-year expensing of business equipment
● Home office deduction
● Keogh plan
● Other business tax credits
● SIMPLE plan
● SEP
● Tax-free exchange
● Year-end bonuses

If you need help organizing your tax information, use our free Tax Organizer! Schedule an appointment with one of our professionals, and we’ll help you better understand your financial situation. Please fill out this worksheet before your appointment:
Tax Organizer

We’ll supervise and prepare reviewed, compiled, or audited statements based on what you need. We will help you understand what each statement means and how to use them to increase your profitability and better manage your business. Every business should create financial reports monthly, so you can adjust to any potential issues and make comparisons quickly.

Why are thorough financial records important?
● Daily operating decisions are based on financial reports
● Banks require reports of past performance for loan applications
● When filing your tax returns, you need evidence for your numbers

Here are some common ratios you should monitor on a month-by-month and year-by-year basis:

Current ratio

Your current assets divided by your current liabilities. This measures your ability to pay your debts.

Debt to equity ratio

Your total liabilities divided by net worth. This gives you a year-to-year comparison of your ownership in your company.

Receivables outstanding

Your receivables divided by average day’s sales. This gives you the number of day’s sales on the books.

Profit margin

Your gross profit divided by net sales allows you to compare your business operations to industry competitors. It also monitors how well your operations perform over time.