Here are some tips to help reduce the amount of time to prepare your 2023 tax return:

• Download and fill out the 2023 Tax Organizer & Questionnaire. The questionnaire is meant to minimize the need for us to have to ask follow-up questions later and to help make sure we are aware of new situations that could impact your tax return
• Remove all staples and open all envelopes and remove the tax forms
• Send electronic documents in pdf format and not pictures or image files (ex: jpeg, png, gif, etc.)
• Ensure copies are legible and all the pages of the document are included especially in brokerage account statements and K-1’s
• Do not send multiple copies of documents.
• Summarize business and/or rental income and expenses
  • Filling out the tax organizer is a very helpful resource for this
  • Do not send copies of receipts, if these are maintained by you, we do not need copies of them
• Do not mix personal and business expenses
• Try to send as much information at one time as possible
• Answer our questions and requests for additional information promptly and thoroughly

Time and Billing practices FAQ’s:

• All work is be billed by the hour.
  • We have a minimum fee of $350 for tax services performed
  • Any fee above the minimum will be based upon the actual amount of time required at our standard billing rate(s), plus out of pocket expenses
    • Any and all time necessary to process, prepare, review and assemble the tax return will be billed to you. This may include emails, phone calls, meetings and other time spent communicating with you regarding your tax return
    • Billing rates range from $150 – $300 depending on who preforms the work
• Additional software access fees are charged for each state tax return needing to be filed (not applicable for Texas Franchise)
• Invoices are typically prepared and emailed the 1st of each month. Any invoice outstanding more than 60 days will be charged a $25/month late fee
• Any tax work received within 30 days of the final filing deadline will be subject to a $500 rush fee

If you have any questions, you can use the handy form below or give us a call.

There are a number of tax-related items you should keep in mind regarding charitable donations.

The most important thing is: Keep adequate records. The IRS requires proper documentation for charitable deductions.

Donating Stocks
There are multiple avenues an individual can use for charitable donations that can maximize the tax benefit. If you are considering making a charitable donation with stock investments, it is better to transfer the appreciated investment to the charitable organization instead of selling the investment and giving the organization the proceeds. Donating the stock directly prevents you from having to pay capital gains on the stock sold.  Additionally, in most cases, you can deduct the fair value of the stock on the date the stock was donated. 

Qualified Charitable Distributions
Another tax strategy for retirees with traditional IRAs is donating to charities using a qualified charitable distribution (QCD) tax strategy.  QCD’s can help offset the individual’s tax bill from required minimum distributions. Depending on your lifestyle will determine whether you need additional money from your IRA.  In some instances, the individual does not need the additional income.  However, the IRS requires individuals to start taking annual distributions from their tax-deferred retirement accounts at age 72 (age 70 ½ prior to January 1, 2020). These distributions are known as Required Minimum Distributions (RMD’s).  RMD’s are subject to ordinary income taxes and can push you into a higher tax bracket depending on other factors.  This can also have an adverse effect on social security income and Medicare benefits.  You can direct your IRA administrator to directly distribute your RMD to a charitable organization.  Because the IRA income goes directly to the charitable organization you do not report the QCD as taxable income on your tax return and do not owe any taxes on the QCD.  The maximum allowed QCD per year is $100,000.  By working with your financial advisors, they can help reduce the individual’s Requirement Minimum Distribution and tax liability.