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Professional Tax Return Preparation

Today's tax laws are so complicated that unless your financial affairs are extremely simple, chances are you will benefit from at least occasional help from a tax professional. It is too easy to overlook deductions and credits to which you are entitled if you prepare only one return a year. Even the use of computer software is no substitute for the assistance of a seasoned tax preparer.

We prepare hundreds of tax returns every year. We know what to look for when your return is prepared. More importantly, you will have someone to answer your questions during the rest of the year. And we can put you on our mailing list to receive timely tax, business, and financial advice.

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
Hope scholarship credit
Lifetime learning credit

Bunching deductions

Flexible spending accounts
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 credit

For Investors:
Tax-free municipal bonds
Long-term capital gains
Rental property
Tax-deferred exchange
Low-income housing credit
Small business stock rollover
For Businesses:
Home office deduction
Keogh plan

SEP plan

401(k) plan
First year expensing of business equipment
Year-end bonuses
Bad debt write-off
Disabled access credit
Health care tax credit

Other business tax credits

Tax-deferred exchange


Accounting, Tax & Consulting Services

Crestwood Professional Building
941 Whitehorse Avenue, Suite 18-19 Hamilton Township, NJ 08610
(609) 890-8800
Fax: (609) 890-4644

E-mail: David A. Aust CPA —

E-mail: Ronald Venanzi, EA, ABA —

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