Individual Tax Planning

Optimize your tax situation prior to reporting it.

Tax Planning for Individuals

The tax code is obviously complex. Its menu of terms always changing. One year
we need to be aware of “Opportunity Zones” the next “Mega Back Door Roth IRAs” and the year after that, “Qualified Charitable Distributions”. Then, as soon as you learn what all these things mean and how they can benefit you, a new
administration takes over and “simplifies” half of them to oblivion while introducing new head scratchers like “SALT Limitations”. But even worse, the rules are also dynamic. Taking advantage of one tax break could eliminate another more lucrative opportunity somewhere else, or even somewhen else in a future year.

How can you possibly keep up with all this and make the right decisions? On your own, you almost certainly can’t. We know this is true because we regularly see relatively minor errors on self prepared returns that have cost taxpayers thousands of dollars. The particularly sad part about this is that if we discover the error more than three years after the return was filed, the IRS will not allow us to amend to recoup the overpayment. Contrast this with an error made in your favor and the IRS can chase the money you owe them for 10 years.

The solution is to maintain your tax and financial health the same way you maintain your physical health; with periodic checkups and counseling. We offer
comprehensive tax planning for personal financial matters, including real estate
investments and also business entities.
Contact us after the April 15th filing deadline to get Tax Fit before the end of the
year.

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What We’re Talking About

CRYPTOCURRENCY TAX BASICS

A RELATIVELY NEW FEATURE ON THE FINANCIAL LANDSCAPE Crypto currencies are a relatively new feature on the financial landscape. Because of their novelty, there has been a lot of speculation and, frankly, wishful thinking regarding how the IRS would treat these currency transactions. Many provisions, e.g., “wash sales” and tax lot treatment, have not yet

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Thinking of Selling Your Home?

Thinking of Selling Your Home? Understanding the Home Gain Exclusion: One of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Making the assumption that this gain exclusion will always keep you safe from tax can

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IRS PIN Announcement: DO NOT THROW OUT

Identity theft PINs are for 2015 not 2014 If you are one of the unfortunate victims of IRS identity theft you will need a one-time PIN to file your tax return. Without this numeric identifier your 2015 tax return will be rejected. The IRS issues taxpayer victims this PIN in a written notice. What has

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Phone: 919-463-7588
Fax: 919-400-4272
Address
219 E Chatham St Suite 200 Cary, NC 27511
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