Individual Tax

Maximizing savings opportunities from day one

Tax strategies, planning and preparation

Advanced knowledge at your service.

Our specialized tax department professionals work with business owners and executives who require an advanced knowledge of international, federal, state and local tax regulations. Many of our individual tax clients also have significant investment activity that adds to the complexity of their returns. To manage these complexities, we work with our clients throughout the year to maximize tax savings opportunities and help them plan for the future.

Individual Tax Services

  • Annual tax planning
  • Stock option analysis
  • Long term tax planning including traditional IRA conversions to Roth IRA’s
  • Charitable Planning
  • Individual tax preparations for every tax jurisdiction in the US
  • Complex federal and state tax filings
  • Audit representation before IRS or state taxing authorities
  • International tax services
  • Financial planning and investment management

Other Services

*Investment advisory services offered through HK Financial Services (HKFS), an Independent Registered Investment Advisor.  Commission-based securities products are sold by ProEquities registered representatives and offered throughProEquities, Inc., a Registered Broker-Dealer and member of  FINRA and SIPC. Insurance products issued by many highly rated carriers.  HKFS, ProEquities and Boyum Barenscheer, PLLP are independent of each other.

This material is being provided for informational purposes only with the understanding that neither HKFS nor ProEquities is rendering tax, legal or accounting advice.  Please consult with your CPA or other appropriate advisors on all matters pertaining to legal, accounting or tax obligations and requirements.

FAQs

 
What credits, deductions or income deferral ideas might we be missing?

Everyone’s tax situation is unique but the one constant piece of advice is to keep organized records to track tax deductions. Common tax deductions include education expense, moving expense, medical expenses, mortgage and investment interest, state income and property taxes, charitable contributions, investment advisor fees and employee business expenses. Income deferral strategies can range from a one year deferral associated with the timing of receipt of income to the long-range deferrals associated with retirement planning or looking at tax-efficient investments. There are also several credits that can reduce your taxes but in many cases these credits disappear as your income increases! A key piece to tax planning is timing to get the benefits of potential tax credits.

 
How can I lower my taxes?

There is no easy answer to this question! Our advice is to look a longer-term view of your tax picture to ensure you are paying the lowest effective tax rate possible. The critical component to this strategy is timing! Where possible, you should thoughtfully plan the receipt of income or payment of tax deductible expense pay the overall lowest tax rate. Tax credits are also great way to lower your tax bill. What are the tax implications of the proposed tax law changes? Tax laws at the federal and state level are constantly changing and staying informed is the key. The Trump tax plan is very vague but it does lower income tax rates across the board. The Trump plan also eliminates itemized tax deductions except those on mortgage interest, charitable contributions and retirement savings. There will definitely be more to come as this plan has a long way to go to become law.

 
How will the sale of my business impact my taxes?

The sale of a business can have a dramatic effect on your income taxes. Long term planning is the key to minimizing the tax cost of a business transition. We would welcome the opportunity to review your situation with you.

Contact John for more info

John Csargo, CPA, MBT, CFP

John Csargo joined Boyum Barenscheer in December 2015 as the firm’s newest partner. His 30 years of extensive experience helping individuals and businesses with their tax planning and providing advice to make the best financial decisions for short and long-term goals is a great addition to BB’s Tax Department…