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Nicole Anderson
(209) 955-2244
Planning is bringing the future into the present so you can do something about it now.
Alan Lakein
There are two certainties in life, death, and taxes. We will help you keep the two from exploding into one big, ugly death tax!
For deaths in 2015, the estate tax exemption has been set at $5,430,000, and in 2016 it's $5,450,000. There is also now a provision to port any unused exclusion between spouses. This means if spouse A passes before spouse B, and the value of A’s half of the assets is only $1 Million, spouse A had $4 Million of exemption left over that ports, or passes, to spouse B, who now has an exclusion amount of $9 Million. This is all very good news, as it means few will have to worry about estate taxes.
For those with assets in excess of the exclusion limits, several strategies exist to minimize the impact of estate taxes. These strategies include gifting, both below the gift tax filing amount ($14,000 per person gifted, per person gifting, for the year 2013) and gifting at levels beyond the “free gifting” amounts. Other strategies involve the use of trusts: Qualified Personal Residence Trusts (QPRT), Grantor Retained Annuity Trust (GRAT), Grantor Retained Unified Trust (GRUT), Charitable Remainder Trust (CRT), and others. If a business is involved, selling or gifting fragments of the business to the ultimate beneficiaries may also prove useful, especially if discounting can apply to valuing an asset with multiple owners.
Another option to minimize the tax impact on your estate is filing a 706 Estate Tax Return. The 706 allows the exclusion limit from one spouse's death to be held over through the death of the second spouse, essentially doubling the amount of the exemption. There are lots of rules and conditions that go along with this, but this is one of the ways that the Estate Planners at All About Numbers can help protect your estate for future generations.
Some of the above strategies should be considered even if estate taxes are not the primary focus. The best way to make sure your wishes are respected is through the use of trusts, and a living trust is a great way to make this happen.
Estate planning is best done in tandem with an estate attorney, a tax accountant, and a financial advisor. Estate plans should be updated and reviewed anytime there are significant changes to one’s family, wealth, or the tax codes. In the absences of any of these changes, the estate plan should still be reviewed every 5 years. This review might be as simple as taking it out and reading it to make sure the plans still meet your desires!
We are happy to provide services in estate planning. We have partners in the finance and legal professions if you need these areas represented as well. The most important thing is to have a plan. The greater your wealth, the more important it is to plan!
WE LOVE TAXES! Let Us Deduct the Hassle!
The hardest thing in the world to understand is income taxes.
Albert Einstein, as told by Leo Mattersdorf, his tax professional
If Albert Einstein was confused by income taxes and required a tax professional, do you really want to tackle taxes on your own?
Income tax preparation is the cornerstone of our business. We have collectively prepared hundreds of thousands of tax returns. We prepare all kinds of income taxes, covering virtually all IRS forms. We also prepare state tax returns for every state with a filing requirement. We do not believe in just preparing the tax return, we believe in explaining the tax return, in doing tax planning in every tax appointment, and in making sure you are getting the best possible tax return for your situation. Following federal and state tax mandates, we efile all tax returns possible. We prepare the following types of returns:
We file returns for all sorts of businesses. We have several niche markets: Clergy Taxes, Day Care Tax Returns, Owner Operator Tax Returns, and Small Business Tax Returns.
What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.
Mark Twain
We can help you save your skin and more!
You have probably seen the commercials on TV or heard the radio ads promising to save you thousands on your tax bills. One radio commercial starts out with a booming voice saying “If you owe the IRS $10,000 or more, call now.” The voice then goes on to tell you of people who settled with the IRS for pennies on the dollar. These ads make it sound like anybody who owes the IRS money, anybody with a substantial tax debt, can negotiate with the IRS and save money. This is simply not true. Yes, there is a program, called Offer in Compromise, which can settle your tax debt for less than you owe. However, not everyone qualifies for an Offer in Compromise. The Offer in Compromise (OIC) is a mathematical calculation involving what you own, what you owe on what you own, your income, and your allowed expenses.
Unlike many of our competitors, we do not collect any money from you until we know that you will qualify for a debt settlement program. We will evaluate your situation for free, and then help you determine the best course of action. Perhaps it is an OIC, or maybe it is an installment agreement. Perhaps it is a short pay installment agreement. You might even be currently not collectible. Bankruptcy might be the best option. We will help you strategize for the best possible outcome and discuss our fees for service. We will work with you on payments, however, we will not file any agreements until we are paid in full.
To get started on settling your tax debt, contact us!
Poor Accounting. You cannot be in control of a business if you don’t know what is going on. With bad numbers, or no numbers, a company is flying blind, and it happens all of the time. Why? For one thing, it is a common – and disastrous – misconception that an outside accounting firm hired primarily to do the taxes will keep watch over the business. In reality, that is the job of the chief financial officer, one of the many hats an entrepreneur has to wear until a real one is hired.
Number 4 of the Top 10 Reasons Small Businesses Fail by Jay Goltz, as published by the New York Times
Let us wear this hat for you! We will help you keep watch over your business, report your numbers, explain your numbers, and help you avoid failure!
Many small business owners became self-employed because they are good at what they do. They provide excellent services and products, but they do not know the first thing about running a business. Often they find themselves in trouble financially. They have no idea how much money is safe to take out of the business, they fail to plan for taxes, and they are too busy being good at what they do to take the time to learn to be a good accountant. We work to keep your dream of being self-employed from becoming your worst nightmare ever! We cannot promise success, but we can promise to provide good numbers!
We believe in treating your business as if it were our own. We want to make sure we are walking with you to build success, just as we work to build our own success. After all, your success IS our success!
We offer timely and efficient bookkeeping services for businesses of all sizes. We prepare computerized reports for businesses on a weekly, monthly, quarterly or annual basis – depending on the requirements of the business. Of course, the more often you receive your information, the more rapidly you can make adjustments in your business to make the numbers better. We offer a variety of services customized to your needs:
(209) 955-2244
Tax Season Hours
Jan 15 thru April 15
Monday – Saturday, 8am-8pm
Regular Hours
Monday – Thursday, 8:30am-5pm