Wouldn’t you like to know in advance whether you owe taxes or are owed a refund on your tax return? With this knowledge and some time still left in the calendar or fiscal year, you can make some smart tax moves to change the picture more to your liking. Or, wouldn’t you like to create a multi-year plan where you map out all of your tax moves when they make the most sense and result in largest deductions? This way, not only your current year’s but also future years’ tax liabilities will be properly managed, and what’s most important, reduced. Or perhaps you have a particular scenario in mind and want to see its impact on your taxes.
All of these and more are possible with Davidoff & Associates tax planning services that encompass single-year analysis, multi-year analysis, scenario building, W-4 optimization and estimated tax calculation.
Davidoff & Associates, an Alexandria CPA firm specializing in helping individuals and small businesses take charge of their taxation, believes that anyone who really cares about how much they pay in taxes each year should take tax planning very seriously. The best way to put it is tax planning is your tax health check-up similar to a visit to the top primary care physician who will diagnose your condition, propose treatment and then coordinate all treatment activities. Unlike many other services, tax planning is designed to put real cash back into your pockets. Our fees are always less than the benefits you stand to gain, or we simply will prepare the preview of your current year tax return and advise you against any proactive tax moves.
Single-year analysis deals exclusively with the current year taxation. Multi-year analysis deals with two or more years where various scenarios can take place. Scenario building is usually based on contemplated or planned events such as sale or purchase of investment property, new dependents, marriage, legal award, and more. W-4 optimization deals with changing the number of exemptions of your federal form W-4 (Withholding Certificate) to set the proper level of withholding. Finally, estimated tax calculation deals with figuring out proper quarterly estimated tax payments to either cover your entire tax liability for the year, or to avoid underpayment penalty.
Whatever your need is, chances are that tax planning will make a marked difference in the amount of your take-home pay and total amount of tax owed. This is the money that could be set aside to buy your home, pay for education, splurge on a long-awaited vacation or car, or anything else you wanted to spend it on. Don’t wait – contact us today for a free assessment and quote.