Every Tax Season Arrives Sooner Than We Would Like,
Are You Prepared…?

Just as there is a big difference between tax fraud, tax avoidance, and tax evasion, there is a distinction between tax planning and tax preparation. Unfortunately, many individuals mistake tax planning with tax preparing and use the terms interchangeably. Although both are very important, they’re two totally different things. Tax Planning is a long-term year-round activity while tax preparation gets the filing done.

What is Tax Preparation?
Tax Preparing is basically the process of compiling, preparing, and filing tax forms. This requires clients to meet with their tax accountant during the tax season. Tax preparation deals with past income and numbers that must be reported on the income tax return. The client provides the required information and the preparer records and tallies up those numbers to determine whether or not you owe money or receive a refund.

What is Tax Planning?
On the other hand, tax planning is more long term and evaluates the impact of life events on your tax situation. It’s a year-round activity and requires a higher level of engagement between the client and tax team. Effective tax planning can help you minimize future tax liabilities, especially going into retirement. The earlier you start the better when it comes to tax planning.

Here are the most common life events triggering a tax plan review. Keep in mind though, that many other events big and small have the potential of impacting your tax basis over the long-term…

* New Pension or IRS distributions
* Significant Changes in Income or Deductions
* Job Changes
* Marriage, Divorce or Separation
* Attaining Age 59 1/2 or 70 1/2
* Sale or Purchase of a Business
* Sale or Purchase of Any Real Estate
* Retirement
* Notices from IRS or State Revenue Departments
* Self-Employment
* Charitable Contributions of Property over $5,000

You should always make sure that tax planning is a part of your tax process. Tax preparation gets the filing done while tax planning enhances tax efficiencies which create a better tomorrow.

During each tax season we offer “In Home” tax preparation to individuals and home-based businesses who have registered for that service. Each tax team is overseen by an IRS Enrolled Agent with a pool of IRS Registered Tax Preparers to assist them. Every return is reviewed with the client prior to submission. Each taxpayer may interact with their assigned Enrolled Agent at any time, even post tax season. Records are securely maintained for your convenience. Individual prices range from $75.00-$250.00 depending on the complexity of the return and includes our assurance guarantee. Business returns start at $200.00 and increase accordingly, again depending on the complexity of the return. For bookkeeping clients, the annual federal and state tax filing (one state) is included in their monthly fee.

We proactively manage your personal and/or business tax issues, which includes how upcoming events may impact your tax status and vice versa. Not all tax related issues are readily apparent. We understand the latest federal, state and local tax legislation and how new developments may affect you and/or your business.

**Circular 230 Service Disclosure**
Pursuant to requirements imposed by the Internal Revenue Service, any tax advice contained in this communication is not intended to be used, and cannot be used, for purposes of avoiding penalties imposed under the United States Internal Revenue Code. Nothing will be added or deleted during the preparation of a return that would understate your tax liability.

The author of this website is registered to transact business in the following states…
New Jersey, Pennsylvania, Delaware and Maryland

non-securities related services provided through
Abacus Personal Finance an Independent Entity Not Owned or Operated by SA Stone Wealth Management
200 Continental Drive Suite 401 Newark, Delaware 19713 (800) 921-1945

securities products and services offered through
SA Stone Wealth Management - 2 Perimeter Park South Ste. 500W Birmingham, AL. 35243 (888) 404-2941
SA Stone Wealth Management Does Not Provide Tax, Legal or Accounting advice
A Registered Broker-Dealer Member FINRA/SIPC

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