VIP Tax Services
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Income Tax Planning & Preparation
The tax implications of major decisions are often an afterthought and end up with someone saying, “I wish I had known that…I would have (made a different choice)”. At Kristi Cherry, CPA Concierge Tax Services we help our clients understand the potential impact on their taxes before decisions are made. We are proactive and therefore consistently effective in reducing tax burdens.
Because we are knowledgeable on the latest tax laws and their consequences, we can often advise our clients to avoid certain situations and embrace others – all the while helping them to navigate the murky waters of regulations.
The complexity quotient and obscure language get more overwhelming every year, and the penalties become more dire as a result. It’s not just a matter of wanting to do what’s right and abiding by the law, rather, it’s difficult to abide by laws you don’t understand or think it says one thing, when in reality it means just the opposite.
Our Tax Planning phase includes a personal financial overview that identifies areas of concern, offers insights for more strategic considerations, and helps create a pathway for reaching future financial goals. You’ll be able to identify which assets are worth holding on to, which liabilities are hurting you the most, and even gain a better understanding of cash flow management.
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IRS Representation
As your income increases, so do your chances of being audited. Ignorance is definitely not bliss when it comes to taxes! We will represent you and deal directly with whatever agency requires resolution. Even if we were not on the scene when the issue was initiated, we’ll step in handle inquiries, respond on your behalf, dispute penalties, or negotiate a reduction if applicable.
If you have delinquent returns, we file them, calculate back taxes, and work with the IRS to set up reasonable installment repayments. When appropriate, we take advantage of Offer-in-Compromise which provides an opportunity to negotiate partial repayment to settle a tax debt.
We’re there for you when you need tax advice for major purchases like a home or new car. We’ll help you choose the best financing option for the lowest impact on your personal taxes – before you make a financial commitment you wish you hadn’t. We’ll explain the tax implications of your purchase and even help you with closing or financing documents.
Are you considering a transaction that could get you in hot water with a heavy tax burden? We can help make that burden lighter. Take advantage of our expertise and years of experience. You’ll be so glad you did!
We implement personalized IRS-approved tax strategies.
Wealth Growth.
Think about long-term capital gains as a tax strategy. Investments held more than a year enjoy favorable tax rates depending on your income level. We can help you understand the difference between long-term and short-term capital gains and how their impact affects your taxes.
Understand the tax advantages of contributions to retirement accounts, IRAs, and/or employee benefits while keeping as much liquidity as possible. It is important to know the tax implications of prematurely withdrawing retirement funds and the tax penalties that may apply.
Knowing the proper timing for a ROTH IRA conversion, the correct amount of taxes to withhold from a regular IRA distribution, and how to minimize a Required Minimum Distribution have a great bearing on tax liability.
Employee Tax Savings.
Employers offer a variety of benefits that can be funded with before-tax dollars, thus reducing your overall tax bill. These may include educational assistance, flexible spending accounts, dependent care benefits, group term-life insurance, and deferred compensation.
A Health Savings Account (HSA) enables employees to reduce taxes by subsidizing the account with pre-tax dollars. These pre-tax dollars grow tax-free and the HSA acts like another investment account.
Qualified medical expenses, therefore, are not taxed which can result in huge individual tax savings. Assessing a strategy throughout the year instead of just guessing on HSA contributions will give you more confidence that you are making wise choices.
Consult with us as to the best medical plan that is right for you and your family, tax wise, during the annual open enrollment period with your employer.
Changing Regulations.
These strategies are a few among a multitude that Kristi Cherry, CPA Concierge Tax Services can draw upon to help you reduce your tax bill. Timelines and deadlines are important considerations that can often be overlooked without extreme diligence.
Keeping up with the latest changes in tax laws that affect each strategy is an important component of having a dedicated CPA Concierge working on your behalf all year long. What was a great strategy one year may not be so great the next based on the constantly changing tax regulations.
More Services Available To Our Clients →
State tax filings in all 50 states
Tax filings for small self-employed individuals
Tax withholding
Retirement planning
Significant life event tax implications
Quarterly estimates
Complete and file annual tax returns
Review past filings for mistakes, identify potential savings, re-filing recommendations
Create timelines for activating strategies and tax-saving approaches
Accurate tax liability projection
Explain current tax regulations, complex legislation in the tax code as it relates to your situation
Expedited returns and filings
In-home CPA Concierge Tax Services available
Discrete and discerning
Network of industry partners (financial advisors, financial planning, estate planning, insurance providers)
Concierge Support Offers Various Approaches For Your Tax Health
→ Just like a Concierge Doctor delivering individualized service which includes dedicated time to ensure your health is on the best track and being readily available for appointments and questions, Kristi Cherry CPA wants will do the same for you tax health.
→ Receive professional advice on how much to enter into the box on your W-4 for that new job or help with estimating your quarterly tax withholding for any given year. Avoid penalties from estimating inaccurately while keeping as much of your paycheck as possible. These choices go beyond just filing an annual tax return; they require knowledge, integrity, and thoroughness to consider all alternatives.
→ From time to time, significant life events can put our finances into a tailspin. Events such as a daughter’s dream wedding, your kid’s college tuition, retirement, medical procedures, moving to another state, buying a house, or choosing the right life insurance – all have unique tax complications and solutions. As a CPA Concierge Tax professional I will adapt your individual tax strategies to encompass expected and unexpected twists and turns as you navigate through life’s celebrations and challenges.
→ If you are in over your head with the IRS, Kristi Cherry will help project your actual tax liability and formulate a plan as your representative to meet your obligations in a manageable arrangement. We use discretion and integrity every step of the way resulting in solutions that are workable for you while abiding by enforceable tax codes.
