• TAX PLANNING AND PREPARATION
• FINANCIAL STATEMENT PREPARATION
• BUSINESS PLANNING AND PROBLEM SOLVING
• PERSONAL FINANCIAL PLANNING
• ESTATE AND GIFT PLANNING

Tax Planning and Preparation

We provide tax planning and tax preparation services to individual taxpayers, business organizations, non-profit organizations, and estates and trusts.

We deliver a year-round proactive approach to our tax services by monitoring the changes in Federal and Wisconsin tax laws that affect you or your organization so that we are in a position to identify key tax planning opportunities. Whether an individual or an organization, we work closely with you on short and long-range tax planning issues as well as year-end reviews. If you are a business client also having your periodic financial statements prepared by us, every interim statement is analyzed by us for tax savings ideas as your business year unfolds.

We have extensive experience in the preparation of tax returns for individuals in all stages of life. We understand each of these stages has a different impact on one's individual tax liability. Each tax return we prepare is given our individual attention. Our approach to tax preparation is to educate every taxpayer on effective and practical ways of reducing their tax exposure using a proactive approach.

individual services

Tax Planning and Consultation for:

• Marriage
• Divorce settlements
• Second marriages
• State residency changes
• Employee stock options
• Investment gains and losses
• Rental properties
• ElderCare
• Pension and IRA distributions
• Inheritances
• Receipt of gifts
• Charitable contributions
• Alternative minimum tax
• Selling the lake property
• Lottery winnings
• Social Security
• General year end tax matters
• Estimated tax payments
• Net Operating Losses
• Adoption of a child
• College tuition tax credits
• Retirement
• IRS and Wisconsin Department of Revenue Representation
• "Flow through" entities

We prepare the following types of tax returns for individual taxpayers:

• Federal income tax returns
• All State and City Income tax returns
• Tax returns for "Snowbirds"
• Multiple State income tax returns due to job relocation

business services

Tax Planning & Consultation Services include:

• Starting a business
• Choosing the proper business entity
• Sole proprietorship taxation
• Partnership taxation
• Limited Liability taxation
• S and C corporation taxation
• Personal Service corporation taxation
• Personal Holding company taxation
• Business Termination and restructuring
• Buying/Selling a business
• Representation before the Internal Revenue Service and Wisconsin Department of Revenue
• Starting a Manufacturing company in Wisconsin
• Business Tax Credits
• Wisconsin Sales and Use Tax Reviews
• Wisconsin Personal Property Tax Reviews
• Depreciation and Amortization of Business Assets
• Business Retirement Plans
• Liquidation of a Corporation, Partnership, or Limited Liability Company

We prepare all Federal and state business tax returns for companies in the following industries no matter what form of business entity:

• Manufacturing
• Distribution
• Retail
• Construction
• Professional
• Service providers

We share with you our solid working knowledge of each of these industries. We draw our knowledge from several years of assisting clients from these industries as well as our personal experience as a Controller and CFO.

non-profit organizations tax services

If you are organizing a non-profit organization, we can assist you in the process of applying to the Internal Revenue Service for tax exempt status. We will also prepare your annual tax returns.

estates & trusts tax services

We advise families and attorneys on the tax implications of estate and trust planning pertaining to individuals and closely-held businesses.

We prepare all necessary estate, trust, and gift tax returns for families so they do not have to deal with these burdensome issues. We also assist law firms in the preparation of these tax returns if they do not have the expertise.

We work closely with attorneys, business appraisers, and investment advisers to obtain the proper valuation of assets so as to minimize these transfer taxes and utilize estate tax credits efficiently.

Financial Statement Preparation

Providing financial information to our clients in a timely and accurate manner is our ongoing commitment. We can prepare or supervise the preparation of financial statements for a business enterprise, non-profit organization, estates and trusts, individuals, and for senior parents being cared for by their adult children. Financial statements can be prepared monthly, quarterly, or annually, depending on your needs.

businesses

We provide comprehensive financial analysis to help you better understand trends as they happen within your business and provide solutions if you get off course. We can help you use these financial statements as well as other financial reports, to better manage your business and increase your profitability. With solid financial reporting, we can advise you on funding growth, product or service lines, as well as acquisitions.

We will provide you with the tools for organizing your financial records. Good financial records are necessary for several reasons:

• Daily operating decisions are based on financial reports.
• Bank loans require reports of past performance.
• Tax return numbers need proper substantiation.

non-profit organizations

We understand that non-profit organizations have their unique challenges such as limited funding and lack of qualified personnel with financial operating experience. Many times the treasurer position experiences turnover. We can assist these organizations in establishing annual budgets and providing solid financial reporting which continually compares actual with budgeted results.

estates and trusts

We work closely with probate attorneys by preparing the final financial accounting for estates right through the stage of preparing all necessary estate and fiduciary tax returns for the Internal Revenue Service and the Wisconsin Department of Revenue. We can also prepare annual court reporting financial statements on behalf of Trusts including fiduciary tax returns.

personal financial statements

Individuals seeking bank credit for mortgages or business start-up loans many times need personal financial statements prepared. We can assist you and work closely with your lending institution.

eldercare reporting

We can provide reporting to our senior client and/or their family on monthly financial activities, including complete accounting for all financial transactions. We can write your bills, reconcile your checking account, and account for all revenues and compare against anticipated income.

Business Planning and Problem Solving

Business problems and their solutions are as varied as businesses are different . Whether you are starting a business or operating a going concern, we can help you select the proper organizational structure for income tax purposes and help you secure adequate financing. We will work with you and your banker, lawyer, insurance agent, and other advisors to solve your business problems.

Our Business Planning and Problem Solving services further include:

• Annual budget preparation
• Profit and Loss Forecasts
• Cash flow projections
• Business plans
• Buying/Selling a business
• Starting a business
• Break even analysis (new product or new location)
• Assistance with bank and SBA loan applications
• Assistance with product pricing and costing decisions
• Establishing Credit Policies
• Establishing Cost Controls
• "Controller for a Day" Services
• Tax Examination Representation with the Internal Revenue Service and Wisconsin Department of Revenue
• Assistance with obtaining Wisconsin "manufacturing status" through the Wisconsin Department of Revenue
• Assistance with obtaining all new employer identification numbers and sellers permits
• Business Succession Planning
• Business Performance Measurement
• Review the most advantageous initial tax entity for your business: C corporation, S corporation, partnership, limited liability company, or sole proprietorship
• Analysis of a possible change in business status to/from C corporation, S corporation, LLC, general partnership, or sole proprietorship

Personal Financial Planning

No matter your level of income or wealth, everyone needs a financial plan. Whether you are saving for retirement or the education of a child, or planning for life's everyday financial challenges, such as buying your first home or trying to reduce your credit card debt, you need a plan.

As a CPA, we have the financial background and knowledge of tax laws to advise and guide the client. Our experience with taxes not only makes us knowledgeable in investment alternatives, but our broad range of clients and their continuous calls makes us a clearing house for real time data about what our clients are thinking and doing, and what is available in the marketplace. We are called upon many times to advise clients on family budgeting and assistance in helping them plan for all stages of their life - a child's college education, assisting their parents in their final years, planning for their own retirement, the business they might want to buy or start, the possibility of an early and untimely death, and the eventuality of death.

retirement planning & counseling

Retirement planning is a lifelong process. If you are a long way from retirement, your planning will give you a rough estimate of the resources you need and what you must do to accumulate them. As you get closer to retirement, your estimate can be refined. Even after you retire, you still have to concern yourself with the impact of inflation and living longer on your financial resources.

We help clients plan for their retirement. This involves calculating how much you will have to retire on and how much you will need. We can review your retirement plans and determine if you are "on track" and what you can expect in the way of retirement cash flow. Projecting your assets and income can take place one to two years before your expected retirement, or 15 to 20 years earlier. It really depends on you. Even if you are in your early 50's and are being offered early retirement, we can assist you.

We also assist clients with Retirement Account Distribution Analysis and calculate the impact of income taxes as a result of these distributions. Clients call on us to help them decide how they should take their pension plan, IRA, business retirement plan, or 401(k) monies.

No matter if you are first starting to save for retirement or have been saving for some time and want to examine different savings vehicles, we can show you the advantages and disadvantages of various tax deferred retirement plans and help you to select the best fit for your individual circumstances.

Our Retirement Planning and Counseling services further include:

• Choosing a beneficiary for your IRA or 401(k) plan
• Borrowing or withdrawing money from your 401(k) plan
• Closing a retirement income gap
• Taking advantage of employer-sponsored retirement plans
• Comparison of Traditional IRA's and ROTH IRA's
• Calculating Required Minimum Distributions (RMD's)
• Inheriting an IRA or employer-sponsored plan
• IRA errors to avoid
• Determining how IRA distributions will be taxed

planning and saving for college

Do you know how much you need to set aside to fund a college education for your child?

Before you can answer this question, you really need to calculate the future costs of higher education based upon the current age of your child today. Once the savings target is known, then you can create a savings plan to aim for it.

Of course, when you start accumulating an investment account balance, the earnings and growth within the account will be generally subject to federal and state income tax. The incentive then is to create a savings plan that is tax sensitive so as to stretch out the buying power of the investment account.

Hopefully, you will allow many years to save for your child's education, but by your child's junior and senior year of high school, you most likely will be interacting with the college financial aid application process.

Once accepted into college, the spend-down phase of this whole savings process starts when the first tuition bill comes home. Keep in mind that if you are like most other parents, you will still be trying to save as you go through the spend-down phase. At this part of the cycle, your biggest incentive is to stretch out the savings account by making use of IRS and state tuition tax credits and tax deductions.

What has just been explained is the full cycle of Planning and Saving for College. We will help you identify your savings target, organize your finances, provide you a tax sensitive savings plan, and help you periodically review your financial progress.

Our College Planning Services further include:

• Utilizing Tuition Tax Credits Effectively
• How to deduct Student Loan Interest
• 529 Plans
• Student Loan Interest Deductibility
• Financial Aid Considerations and Calculation (FAFSA FORM )
• Strategies in Financial Aid
• How Grandparents can help in the financial aid process

Estate and Gift Planning

Estate planning provides for the orderly transfer of assets to your beneficiaries, provides security for a surviving spouse or a young child suddenly left parentless, and can reduce or eliminate estate tax due on the transfer of your personal assets or your business assets. The estate planning process can also develop ways for protecting your assets in the event of a lawsuit or marital separation as well as anticipated Medicaid benefits.

individuals

We provide families financial security and comfort through the following planning strategies:

• Confirm that wills are in place.
• Assist families in the process of planning for the incapacity of a loved one due to a recent illness or accident by ensuring that a durable power of attorney and health care power of attorney are put in place.
• Review how assets are titled. Confirm that asset titles address the client's intentions and minimize estate tax when possible.
• Review all beneficiary designations on life insurance policies, qualified plans, IRA's, annuities, and checking and savings accounts. Review the need for changing beneficiary designations after the death of a loved one.
• Lifetime gifting to include charitable foundations, charitable gift annuities, charitable remainder trusts and family limited partnerships.
• Structuring and funding trusts.
• Maximizing life insurance benefits by using Irrevocable Life Insurance Trusts and protecting death benefits in second marriages.
• Confirm the appropriateness of client choices regarding family members or others authorized with health care decisions, financial issues, or estate matters.
• Develop a gifting strategy to meet one's financial and personal objectives.
• Provide advice on how to minimize income tax on IRA and retirement plan distributions and how to handle Inherited IRA's.
• Determine the likelihood that an estate will be subject to Federal and/or Wisconsin estate tax and identify ways to minimize this tax liability.
• Assist in the Medicaid application process and provide proactive planning to qualify for Medicaid benefits.

businesses

Transfer of Business Assets

Just as individuals are faced with planning for their retirement, business owners are faced with the decision of what to do with their business when they want to retire. If this is a family business and the owner identifies a child or group of children who aspire to become ultimate owners, most decisions then center around continuing family control by minimizing taxes while maximizing value back to the owner.

However, in many businesses, there is no apparent family heir. Decisions then center around finding a buyer and maximizing resale value to the owner while minimizing the owner's tax exposure. In either case, we act as the "quarterback" of the estate planning team. A typical estate plan for a business starts years in advance before a sale ever takes place. When we recognize that a business owner is starting to think about retirement, we initiate conversations with him to start thinking about the transfer of ownership. As part of this process, we provide calculations on the cost of selling a business or transferring the business to a family member. Income and estate taxes are the largest costs that need to be minimized in a business ownership transfer.

We will work closely with your business attorney and business valuation professional in coordinating a final estate plan for you.