Today's tax laws are so complicated that unless your financial affairs are extremely simple, chances are you will benefit from at least occasional help from a tax professional. It is too easy to overlook deductions and credits to which you are entitled if you prepare only one return a year.
We can prepare or supervise the preparation of your financial statements. Compiled or reviewed statements can be provided according to your needs. More importantly, we can help you use these statements, as well as other reports, to better manage your business and increase your profitability.
We can review your investment ideas with you and your investment advisor and make recommendations to maximize your after-tax return. While taxes should not drive your investment strategy, understanding how taxes affect your earnings will help you minimize taxes and maximize your return.
Ms. Cornelius is a founding director of Cornelius, Stegent & Price, LLP. She began her career in public accounting with Arthur Andersen & Co. in 1977 and later served as Audit Partner with another Houston regional public accounting firm.
Mr. Stegent is a founding director of Cornelius, Stegent & Price, LLP. He is also the founder and President of Stegent Equity Advisors, Inc., a fee-for-service investment and financial counseling firm.
If your family has trouble with the kiddie tax, you face some new wrinkles for tax years 2018 through 2025 thanks to the Tax Cuts and Jobs Act (TCJA) tax reform. This is one of the many areas where tax planning can pay off.