TAXES

Tax Planning

No subject is of greater concern to business today than taxes. The tax consideration affects each business transaction. Our clients rely on us for guidance in such areas as corporate and individual income taxes, gift and estate taxes, corporate liquidations and reorganizations, and tax planning.

In addition we deal with municipal authorities taxes such as Declaration of Volume of Business (municipal license) and personal property tax (known as CRIM), Department of State.

If you are contacted by any government agency concerning your tax matters, your first call should be to us. We will take care of it so that you can get on with your business.

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Planning to Minimize Taxes

Taxes are the most universally disliked of all personal finance matters. Rich or poor, everybody dislikes taxes, and they dislike the system that has been established to collect them. Good tax planning can save you money. If you think about it, every taxpayer can benefit from learning ways to cut their taxes.

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Tax Planning Tips 

• Familiarize yourself with the tax advantages available to you.

• If you have a sideline business, familiarize yourself with the tax advantages available to the self-employed.

• Coordinate your income tax planning with other important personal financial-planning areas, including investments and retirement planning.

• Carefully analyze any investment or transaction that is being recommended to you or that you intend to make primarily on the basis of tax saving. It probably isn't worth it.

• Don't lose sight of the role of "old fashioned" tax-advantaged investments like tax exempt bonds and buying and holding stock and real estate.

• Maintain complete and well-organize income tax records throughout the year. Your tax record-keeping should be coordinated with your personal record-keeping system.

• Spend some time after tax season with your adviser, if applicable, or yourself, planning to minimize your income taxes over the next several years. Effective income tax planning is both a year round process and a multiyear process.

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Estate Tax Planning

Estate planning is defined as the process of organizing one's property in so that it will pass smoothly to the heirs you choose. Every adult needs a will, and most people also need a durable power of attorney, living will, and letter of instructions. Every stage of your estate planning should be concerned with minimizing inconvenience and legal problems and saving taxes. But the most important goal of estate planning is retaining control over your assets, both during your lifetime and even after death.

Arturo Morales Padro, CPA, helps clients with estate tax planning in the accumulation, conservation, and distribution of wealth in the manner that most efficiently and effectively accomplishes the client's objectives. We emphasize the planning aspect that estate planning is a goal-oriented activity that uses tax minimization tools and techniques to provide the greatest possible financial security for an individual and his/her beneficiaries. Estate planning is a key element of overall financial planning.

Plan ahead so your assets go to your loved ones, not the Treasury Department. Avoid probate, and minimize estate taxes. Receive counseling about wills, trusts, and power of attorney for health care. Our firm helps clients to set up trusts. We are also engaged in preparing the estate and trust tax returns.

Key Benefits

• Trusts

• Computing the Federal Estate Tax

• Administration of an Estate

In accordance with prevailing tax laws, regulations, and personal circumstances Estate planning is defined as the process of organizing one's property in so that it will pass smoothly to the heirs you choose. Every adult needs a will, and most people also need a durable power of attorney, living will, and letter of instructions. Every stage of your estate planning should be concerned with minimizing inconvenience and legal problems and saving taxes. But the most important goal of estate planning is retaining control over your assets, both during your lifetime and even after death.

Estate Planning Objectives

• Minimize the problems and expenses of probate, and avoid potential family conflicts.

• Provide your surviving spouse with as much responsibility and flexibility in estate management as desired, consistent with potential tax savings.

• Provide for the conservation of your estate and its effective management following your death or the death of your spouse.

• Minimize death taxes as well as income taxes after death.

• Avoid leaving your children "too much to soon.

• Provide for the adequate liquidity to cover taxes and other expenses at death without the necessity of forced sale of assets.

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>>>This information is not intended for use without professional advice.<<<