How Retirement Savings Affect Taxes

Posted on November 10th, 2017

For some, it sounds strange that a tax services provider like Stokes, Visca & Company LLP – CPA’s would offer any form of retirement solutions. Saving money for the golden years and paying off obligations seem like entirely different responsibilities in your life.  However, as is the case with many financial functions, they are closely interrelated.

As a result, our tax planning services are made more effective by also offering retirement support services.

Annual Budget Assessment

The most noticeable impact your retirement planning will have on your taxes is your yearly contributions. The Form 1040 you file includes deductions for the amount of money you contributed to a 401(k), traditional IRA, or similar retirement account. You save more on taxes by putting more money away, but it can become difficult to balance this advantage with your practical budgetary needs.

For our retirement planning clients, we provide an annual budget drafting to determine what saving goals are realistic and effective for your needs. We will look at how much you save, how much you could be saving, and how flexible your other financial obligations are in order to determine the right way to maximize your contributions.

This annual budget includes a periodic reviewing schedule of your investment allocations. We will look at your fixed investment and growth to make sure that your goals are ultimately being met. If changing these would improve your ability to maximize your contributions, we will help you determine the most effective approach for you.

Finding the Right Plan

Part of your ability to maximize contributions and gain the related tax benefits is having the right retirement plan. IRAs, 401(k)s, and other types of retirement plans all have different rules and regulations that may make your contributions schedule more difficult to maintain. We will help you figure out the right plan for your specific retirement needs.

For many of our clients, the most advantageous plans are company sponsored ones. If your employer offers a 401(k) or similar retirement package, you will most likely be better off in utilizing it than you would be relying solely on a private plan. We will help you determine the right private plans to complement the plan you have with work.

Contact Us for Retirement Planning Support

Stokes, Visca & Company, LLP – CPA’s provides tax planning services for individuals, including retirement planning support, in the greater Rochester area and all of Monroe, Wayne, and Ontario Counties. We will help you figure out the best way to synergize your retirement plan with your tax savings goals. For more information regarding our comprehensive tax services, call our firm and schedule a consultation today.

How to Properly Use QuickBooks

Posted on October 25th, 2017

The modern business marketplace all but requires a company to get an accounting software to survive. QuickBooks® is one of the more common platforms in use, but it comes with a variety of features and options that can make this software difficult to run. The use of QuickBooks has its own set of best practices.

Professional Review of Your Setup

The overall layout of your QuickBooks account and how it was initially set up should be reviewed and adjusted by a qualified professional. At Stokes, Visca, & Company, LLP we offer assistance from a CPA who is also a qualified QuickBooks Pro Advisor.

The numbers you initially put into QuickBooks when setting up your account can impact the accuracy of later reports. If these numbers are incorrect, even if that error is small, your balance sheet and other crucial financial documents may become increasingly erroneous over time. The professional review of your set-up catches these mistakes before they can lead to financial difficulties.

This review also determines if you need the inventory module or other plugins designed for specialized functions. The core QuickBooks platform can help any business succeed, but companies in specific fields may face unique challenges. Having a professional examine your QuickBooks account helps you make sure all the right programs are in place for your industry-specific needs.

Recording Flow, Payables, and Receivables

Your business gains and expends money on a daily basis. Unfortunately, many businesses do not have their accounts designed to better support these daily tracking requirements. Allowing an inventory purchase or a client payment collection slip through the cracks can lead to tax and budgeting problems.

Our QuickBooks account uses the plugins that allow you to track your cash flow, accounts payable, and accounts receivable. These additional programs make your daily decision-making processes more effective.

Receiving Proper Training

QuickBooks offers its users enough choice in operation that business owners are often not sure how to properly utilize the program. In addition to setup review, our QuickBooks professional can provide training for you and your employees on how to use QuickBooks. This training makes using this software a simpler and more effective task.

Contact Us for QuickBooks Services

Stokes, Visca, & Company, LLP provides QuickBooks support in the greater Rochester area and all communities within Monroe, Ontario, and Wayne Counties. For more information about how we help clients in every aspect of their accounting functions, call or email our firm and schedule a consultation today.

How to Minimize Your Taxes

Posted on October 11th, 2017

Finding ways to ethically reduce their tax obligations is something many people look for, whether for their personal or business interests. The complexity of tax law can make this task seem impossible, but our firm offers a solution. We help clients best minimize their tax liability using comprehensive strategies.

Tax Planning for Businesses

If you are trying to reduce the obligations of a company you own or operate, we focus our attention on planning ahead for your business’ upcoming tax years. There are several potential deductions your enterprise might be able to take, but all of them require precise timing and meeting certain long-term criteria.

Stokes, Visca, & Company, LLP begins each corporate tax planning engagement by making sure all available deductions have been taken on your business’ current tax return. Next, those deductions that could become available are documented to make sure they are claimed in the future. Then, we look at the various ways to best improve your tax situation. From the acceleration and deceleration of income to your choice in accounting methodology, we carefully examine how the operation of your company impacts the expected liabilities. With this information, we can start the process of implementing those changes as you need them.

Part of tax planning includes seeing if your business’ current structure makes the most sense for the balance between operation and tax obligation. If your entity is getting in the way of your tax or growth strategies, it may be time to restructure. We can help you through this process as well.

Investing Support for Individuals

Just as a business can manage its tax obligations through tax planning, an individual can manage their taxes through investment planning.

Each method of putting money away for retirement has its own specific impact on your income tax return. Our firm reviews your current investment allocation to make sure your money is going to the most tax-efficient places. If not, we look at your retirement plan and see if there is anything to add for a more efficient approach. Examples of this include maximizing your contributions and implementing a stronger charitable donations plan.

By having Stokes, Visca, & Company, LLP review your retirement plan, you can be better protected against the tax rules surrounding your investments.

Contact Us for Tax Support

Stokes, Visca, & Company, LLP offers tax services for businesses and individuals in the greater Rochester area and all communities in Monroe, Ontario, and Wayne Counties. Whether reviewing your corporate tax plan or your tax and investment strategy, we help you minimize your liability. For more information, call our firm and schedule a consultation today.

Welcome to Stokes, Visca, & Company, LLP - CPA's Accounting firm licensed in NY.

We offer a broad range of services for business owners, executives, and independent professionals. We are affordable, experienced, and friendly.
Please call us today at (585) 427-0850. We'll be happy to offer you a free initial consultation. Thanks for visiting!

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