Planning for current and future education expenses is very important. There are several tax incentives that can help reduce the cost of paying for higher education. These incentives include the American Opportunity Tax Credit, Lifetime Learning Credit, Qualified Tuition Programs, Student Loan Interest Deduction, 529 Plans, and the Coverdell Education Savings Account to name a few. The incentives can be a credit deduction or exclusion and may be limited by income.
The new law modified 529 Plans to include payment for K-12 tuition, up to $10,000 annually. Check with your SVA tax professional to see how these modifications may impact education planning for your family.
Making sure your assets will be professionally administered is a source of security and peace of mind for you and your family. We help you preserve your wealth for the next generation and make sure your trusts are administered according to your wishes.
Our estate and trust CPAs have specialized experience in estate and gift tax regulations governing trust and estate accounting and tax compliance. We assist executors and trustees including preparing the estate tax, gift tax, individual income tax and fiduciary income tax returns. Working in tandem with the professionals from SVA Trust Company, we also provide trust administration and custody as well as fiduciary and financial services.
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The more you pay in taxes, the less money you have to invest toward your personal financial goals. The key to reducing your tax liability rests in proactive planning where we are able to identify and implement key planning opportunities to minimize your current tax liability and impact subsequent years as well.
Reach out to our experienced tax professionals who can take a look at your overall tax situation and help you understand and reduce the tax impact of decisions. You may miss out on potential tax savings opportunities if you don’t have a trusted resource you can turn to year-round. That’s how we help you see beyond the numbers.
At-Risk Rules
The at-risk rules determine the amount of loss that can be deducted on a tax return and are quite complex. We provide planning and ideas for creating basis and utilizing tax losses.
Individual Audit Assistance
We can assist clients in dealing with various tax authorities at the federal, state and local levels, including all kinds of taxes. We will provide only the records requested by the auditor and encourage the client to have the auditor meet with us in our office.
Divorce Tax Planning
Decisions related to divorce have a long lasting impact and are magnified if children are involved. We can help you resolve conflicts that affect your financial future. We provide evaluation and recommendations related to equitable income division, analyze prior tax returns and calculate after-tax income and cash flows, valuation, prepare future budgets and tax projections, provide expert testimony, and work with you and your attorney during the mediation process.
Health Savings Accounts (HSAs)
HSAs were designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis. HSAs have a high deductible, but allow the employer or employee to set aside money on a tax-free basis to cover the deductible and other non-covered health expenses. We can help determine if you qualify and how to maximize the benefits of an HSA.
Passive Activity Rules
The passive activity rules determine if losses can be deductible based on participation of the client. We work with clients to determine if these loss rules apply to the activity, how the losses can be best utilized, and make suggestions for the activity to be classified as active rather than passive.
Planning and Payment Planning
SVA takes a proactive approach by working with our clients to reduce taxes and develop tax saving strategies and solutions, which minimize potential tax surprises. We communicate on a regular basis and prepare tax projections as needed. SVA provides advanced tax planning services to minimize tax and underpayment penalties and help our clients plan their quarterly tax payments.
Professional Athletes
We provide special services to accommodate athletes, which include communication and coordination with all appropriate parties, extensive knowledge of the applicable types of compensation, the appropriate tax and multi-state rules, and preparation.
Research
There are many gray areas of the tax law that, depending on the facts and circumstances, will have many different results. Our team of experienced tax professionals will research the particular tax area with the intent of resolving the issue and backing up the stated position that will stand up against a governmental objection.
Retirement Planning
When planning for retirement, you need to set goals, plan how much money is needed to meet these goals, and work hard to achieve them. We assist in making the right financial decisions that fit your income, lifestyle and needs. By making the right decisions, your financial future and the financial future of your family will be protected.
Stock-Based Compensation Planning
We work with clients on the ramifications of the different stock-based compensations (i.e., non-qualified options, incentive stock options, stock awards, etc.), how to best use them, and when to best use them. This may involve research, analysis and tax projections.