Business
Timing is crucial when making decisions to buy assets or set up new
business. What is the impact on the bottom line and ratios?
Our expertise works to your advantage when considering the choices
and balancing the income/expense as well as tax implications.
Choice of entity
Choosing the correct business structure entity has many ramifications
beyond the effect upon tax liabilities. We assist clients in
determining which entity structure will result in the most beneficial
financial situation while meeting company goals.
Designing, implementing and monitoring the accounting system
We help businesses establish accounting systems and analyze existing
systems to more efficiently track the data they need and generate
the reports they require.
Merger/acquisition work
We can advise you on the best course of action after analyzing the
financial viability of the transaction and the potential impacts,
including an examination of the options for financing.
Business valuation
Company owners rely on us for our expertise in business valuation
when doing gift and estate tax planning, in purchase and sale arrangements,
in transferring a business from one generation to the next, and a
host of other situations.
Our strength is our understanding of all applicable factors that
contribute to the unique value of each business. Standard valuation
packages just do not fit, especially with small businesses. We help
assure our clients that what is brought to the transaction is a true
representation of the value.
Business analysis
When we conduct a business analysis, we go beyond the obvious to
understand not just the balance sheets, but also the nature of the
business and how the numbers correlate to tangible processes and events.
We enter into a dialog with the client to determine what is behind
the numbers so we can make specific suggestions that will improve
their bottom line.
We might ask a client, "Your molds and casting costs are up 50%.
Does that make sense?" or "The sales and tips ratio has changed. Is
there a logical reason?" or "Business is slow but your revenue is
up. Is that because you raised prices?" or "Your health care costs
did not rise 25% like everyone else's. Did you stop offering the benefit,
or are there less employees?"
Identifying
Costly Mistakes
Passing
Along a Great Idea
Catching
the "Small Stuff" That Adds Up
How
Many Assets Should Be Liquidated for a Great Deal?
Pension and employee benefit plans
We’ll help you analyze the tax consequences involved with the
various options as you plan for the future. Careful consideration
of all pertinent factors helps us arrive at the best strategy for
each client.
• Which plan will meet your needs both individually and for
the business?
• What is the best time to implement a pension plan?
• Which plan should you choose?
• How much do you need to invest?
• What are your expectations for your employees?
• Is a pension plan appropriate or is there another instrument
that will fulfill your objectives?
• When will your tax liability be lowest?
Sometimes a Simpler Plan is Better Than a 401K
Individual
Financial Planning
We work with you to gather information on your assets, liabilities
and retirement goals; then explain the potential risks and rewards
of the alternatives and develop a properly balanced plan.
Should you need a financial planner who will execute and monitor
your investment plan, we can refer you to a reputable choice. Because
we are independent and objective, we can match you with the investment
manager who best meets your needs.
Insurance Analysis
One of our clients questioned whether he had the right life insurance
product. His investment counselor was urging him to place the funds
in a higher yield instrument. We provided an unbiased viewpoint. We
spoke to the insurance company and developed a cost/benefit analysis.
We also checked with his investment broker to determine the investment
potential/risks. We assessed the tax liabilities/benefits of each
choice. Ultimately, we made a recommendation that fulfilled his particular
situation. The answer was that for him, it made sense to keep the
insurance as an irrevocable life insurance trust, thereby eliminating
estate tax liabilities.
Retirement planning
How can I maximize my income and minimize my taxes when I retire?
There are a number of questions to consider when planning retirement.
Every situation is unique and we will factor in your variables in
our recommendations for allocation and timing.
• How many years do you have to build a retirement portfolio?
• What income will you require to meet your spending plans?
• Do you have health considerations that will impact your choices?
• What investments, sources of income and other resources will
you have available for retirement?
• What factors might affect your tax liability?
How
can I maximize my income and minimize my taxes when I retire?
Tax consequences
Making the right choices can mean the difference between a 15% tax
bracket and a 28% bracket. Our expertise with the tax laws will
help determine the best plan for you.
Education/college planning
Is it best to create a tax-advantaged account such as a 529 or education
IRA? If you will have a large estate and high taxes, a tax deferred
college plan is a good choice. However, if you will need financial
aid, know that it will be adversely affected by money that is in the
529 plan. The 529 works best if you are able to have enough invested
there to cover the expenses. An investment of $10,000 would not even
cover costs at a state school, yet would reduce the amount of financial
aid received substantially.
Grandparents who want to avoid paying a gift tax on money given to
grandchildren for education would be better advised to pay the institution
directly as it would not be considered a gift for tax purposes. This
way they can give up to $11,000 as a gift (using the gift tax exclusion)
in addition to the amount of tuition paid. Prepaid tuition is another
option to consider.
