Summit Financial Solutions By Kathleen Boehmig Photos courtesy of PhotoJack.net The Wisdom to Reach Your Potential Summit Financial Solutions, located in the Towne Lake area, serves Woodstock, Kennesaw, Acworth, Canton and surrounding areas and offers a great variety of financial services, including small business start-up, consulting, accounting, planning and support, tax preparation and planning, financial services and payroll services. Summits President and Executive Tax Director, Joseph Parker, entered the field of finance in an unusual way: he wanted to help others avoid the mistakes he made in his first business when, in his twenties and in spite of using an accountant to keep him on track, he suddenly found himself owing a substantial amount of income tax to the IRS. People sometimes dont realize that taxes are their greatest expense in life, he says; so many fail to plan adequately to stay on top of them. These days, a lot of small business owners and people in the middle class are in a real crunch, particularly because of healthcare costs. Between that expense and taxes, and the continually changing and evolving rules and regulations in both areas, people really need our help. We have a staff of highly qualified and certified professionals, who are dedicated to analyzing and offering appropriate solutions for your financial needs, Mr. Parker says. We do this in an efficient and cost effective manner, while maintaining the highest ethical standards. We set an agenda customized to each client before he arrives. Frequently, the client leaves the initial meeting with homework, or suggested tasks to provide us with further information, so we can better assess his unique position and structure our solution to perfectly serve his needs. Summits professionals stay up to date on evolving tax strategies, maintaining membership in the National Association of Tax Professionals and the National Association of Enrolled Agents. Summit was named a winner two years in a row for the Best of Life Awards. The world is full of tax preparers who can put the right numbers, on the right forms, by the right deadlines, Mr. Parker says; but when was the last time your tax preparer came to you and said, Heres an idea I think will save you money? At Summit Financial Solutions, we believe proactive tax planning scouring your income and expenses for every available deduction, credit, loophole and opportunity, without aggressive strategies, gray areas or red flags is the key to keeping more of what you make. The world is full of tax preparers who can put the right numbers, on the right forms, by the right deadlines, Mr. Parker says; but when was the last time your tax preparer came to you and said, Heres an idea I think will save you money? At Summit Financial Solutions, we believe proactive tax planning scouring your income and expenses for every available deduction, credit, loophole and opportunity, without aggressive strategies, gray areas or red flags is the key to keeping more of what you make. Summits professionalism garners enthusiastic client testimonials, such as: Joseph has spared my company countless financial headaches. He is intimately familiar with IRS rules as they change and morph year-to-year, and he uses this knowledge to the clients benefit. His business advice is well-researched, accurate and carries with it the gravitas of his personal integrity. I recommend Joseph without hesitation or reserve. Other kudos include descriptors like, best accountants in town, fantastic service! and complete business solution in one location. Our business is about helping people, Joseph Parker declares. We are able to uniquely serve our clients by the combined experience our professionals bring to the table in the areas of tax planning, strategic business planning and personal financial services. Having these services under one roof allows us to operate without the conflicts and hierarchies present in many larger firms, thus we are able to focus on offering the best custom solutions one client at a time. The Six Most OverlookedTax Deductions Who among us wants to pay the IRS more taxes than we have to? While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Lets take a quick look at the six most overlooked opportunities to manage your tax bill. Reinvested Dividends: When your mutual fund pays you a dividend or capital gains distribution, that income is a taxable event (unless the fund is held in a tax-deferred account, like an IRA). If youre like most fund owners, you reinvest these payments in additional shares of the fund. The tax trap lurks when you sell your mutual fund. If you fail to add the reinvested amounts back into the investments cost basis, it can result in double taxation of those dividends. Job Hunting Costs: A tough job market may mean you are looking far and wide for employment. The costs of that search transportation, food and lodging for overnight stays, cab fares, personal car use and even printing resumesmay be considered tax-deductible expenses, provided the search is not for your first job. Out-of-Pocket Charity: Its not just cash donations that are deductible. If you donate goods or use your personal car for charitable work, these are potential tax deductions. Just be sure to get a receipt for any amount over $250. State Taxes: Did you owe state taxes at the time of the filing of your previous years tax returns? If you did, dont forget to include this payment as a tax deduction on your current years tax return. Medicare Premiums: If you are self-employed (and not covered by an employer plan or your spouses plan), you may be eligible to deduct premiums paid for Medicare Parts B and D, Medigap insurance and Medicare Advantage Plan. This deduction is available regardless of whether you itemize deductions or not. Income in Respect of a Decedent: If youve inherited an IRA or pension, you may be able to deduct any estate tax paid by the IRA owner from the taxes due on the withdrawals you take from the inherited account. Summit Financial Solutions1816 Eagle Drive, Building 100, Suite AWoodstock, GA 30189770-928-8100Facebook.com/Summit-Financial-Solutions-IncTwitter.com/TaxMaster30189
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