icon-search
 

icon-services-white-individual -tax-servicesINDIVIDUAL TAX SERVICES

PAY ONLY YOUR FAIR SHARE OF INCOME TAXES THROUGH OUR INDIVIDUAL TAX PREPARATION SERVICES.


Download our Tax Reform Law Comparison Guide

svaa-tax-reform-law-comparison 

Wondering how the newly passed tax reform bill will be affecting you and your business? Download this report - it outlines all of the major changes.

DOWNLOAD THIS GUIDE

The Tax Cuts and Job Act has created new tax planning opportunities that impacted nearly everyone in the United States. With our year-round tax planning, tax compliance and consulting services, you can count on SVA’s tax preparation professionals to know what you need to know. Our professionals stay current with the changing tax laws and are proactive in recommending strategies to help you maximize your after-tax income.

What makes SVA unique is our ability to service your income tax preparation, financial consulting and trust administration all under one roof. Many of the decisions we face financially in life do not always fit into just one of these areas. At SVA we can all work together to come up with a plan to best meet your goals.

Here are some of the highlights that might impact your individual taxes.

  • Individual Tax Rates: Overall the tax rates decreased. Download our 2019 Tax Guide for more information.

  • Standard Deduction: $24,000 (married filing jointly), $12,000 (single) and $18,000 (head of household). If you are age 65 or over, blind or disabled, you can add $1,300 to your standard deductions ($1,600 for unmarried tax payers).

  • State Income (or Sales Tax) and Real Estate Taxes: Deduction is limited to a maximum of $10,000

  • Child Tax Credit: $2000 for each qualifying child under the age of 17

  • Alternative Minimum Tax (AMT): AMT exemption is $109,400 (married filing jointly) and $70,300 (single). The threshold for phase-out of the exemption starts at $1 million (married filing jointly) and $500,000 (single).

  • Alimony: For a divorce or separation after 12/31/18, alimony is not deductible by the payer and is not income to the recipient. See our divorce consultants for additional details.

  • Estate and Gift Tax Exemption: The lifetime exemption is $11.2 million.

  • Pass-through Income Deduction: Up to 20% of qualified business income is subject to various limitations. The deduction is not available for professional service businesses (including accounting, health, law, consulting, athletics, financial services, and brokerage services) except architecture and engineering.

CORE SERVICES


Education

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.

Estate Planning and Trust Management

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.

Click the link to learn more about SVA Trust Company.

Individual Income Tax Strategies

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.

Individual Tax Consulting

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.

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.

Tax Compliance

Tax laws, statutes and regulations are constantly changing. Taxpayers need to comply with these changes. You work hard to earn the money you do. The last thing you want to do is pay more in taxes than you are legally required to pay. The tax professionals at SVA have over 40 years of knowledge experience managing our clients’ compliance needs, while putting tax savings within reach. We have expertise in law interpretations, completing foreign reporting requirements and providing reliable, high quality tax preparation services.

Tax Debt Resolution

Being delinquent in your tax payments can result in a vast array of problems and cause large amounts of undue stress. In some instances, credit scores can take a negative hit or you could end up having your bank accounts levied upon.

Our qualified professionals can work with you in dealing with the IRS and other taxing authorities on delinquent tax liability, tax penalty and interest issues as well as challenges in your ability to pay the amount due.

Offer in Compromise (OIC), bankruptcy and negotiated payment schedules are a few of the strategies we can utilize in helping you deal with delinquent and/or disputed tax issues.

 
Measurable Results.
kl engineering mr banner

Measurable Results.

"SVA provides proactive sound financial and business advice. They help me gauge what we are doing well, what we can do better, and they develop strategies to guide my company into the future."

Kim Lobdell, President, KL Engineering

KL Engineering

LEARN MORE VIEW ALL

capital-endodontics-measurable-results-banner-sva-accountants

Measurable Results.

"We were fortunate to partner with SVA. Without their guidance, we would not be in the position we are today – the largest endodontics practice in Madison."

Dr. Nabeel Khan, Partner

Capital Endodontics

LEARN MORE VIEW ALL

mirus-partners-mr-banner

Measurable Results.

"We specialize in affordable housing and SVA is a leader in tax credit knowledge. Having SVA as a partner is integral to our success."

Kristi Morgan, Chief Operating Officer

Mirus Partners

LEARN MORE VIEW ALL

madison-radiologists-banners

Measurable Results.

"SVA provides our accounting and back office functions including bill paying, account reconciliations, and compensation calculations. They also been instrumental in strategic planning for business growth and infrastructure development. "

Dr. Sally McKinnon, Partner

Madison Radiologists

LEARN MORE VIEW ALL

madison-anesthesiology-consultants-measurable-results-banner-sva-accountants

Measurable Results.

"Working with SVA gives us one less thing to worry about. They helped us cut our overhead by 6.5% and created effective business processes allowing us to focus on the core of our business- taking care of our patients."

Dr. John Olson, Managing Partner

Madison Anesthesiology Consultants

LEARN MORE VIEW ALL

victory-homes-measurable-results-banner-sva-accountants

Measurable Results.

"We rely on SVA’s forward-thinking approach. With their assistance, we restructured our business creating tax and cost savings."

John Stoker, President
Daryl Prusow, Vice President

Victory Homes

LEARN MORE VIEW ALL

oakbrook-corporation-measurable-results-banner-sva-accountants

Measurable Results.

"We rely on SVA’s technical expertise and practical advice to help us navigate the complex issues involved in the real estate business."

Mike Morey, President

Oakbrook

LEARN MORE VIEW ALL

manske-machinery-measurable-results-banner-sva-accountants

Measurable Results.

"Our bank recommended SVA and we have never looked back. SVA doesn’t always tell us what we want to hear, they provide the advice we need to grow our business."

Fred Manske, Owner

Manske Machinery Service

LEARN MORE VIEW ALL

racine-dental-group-measurable-results-banner-sva-accountants

Measurable Results.

"SVA provides top to bottom care by being hands on and thorough. Whatever our need, they respond quickly and efficiently. They helped us reduce our overhead by 6%."

Dr. Paul Elcano, Executive Partner

Racine Dental Group

LEARN MORE VIEW ALL

kleenmark-measurable-results-banner-sva-accountants

Measurable Results.

"SVA’s valuation of our company and their expertise in loan structuring was instrumental in maximizing the tax benefits as we transitioned ownership."

Scott Stevenson, Owner

Kleenmark

LEARN MORE VIEW ALL

whpc-mr-banner

Measurable Results.

"SVA provided financial statement stress testing scenarios including how interest rate fluctuations and federal subsidy changes might affect our bottom line. Our board now has the information they need to make informed decisions."

Mary Wright, President

Wisconsin Housing Preservation Corp. (WHPC)

LEARN MORE VIEW ALL

madison-childrens-museum-mr-banner

Measurable Results.

"SVA streamlined our largest and most complicated fundraising effort by developing an effective method of tracking inventory and sales."

Deborah J. Gilpin, President & CEO

Madison Children's Museum

LEARN MORE VIEW ALL

meridian-endodontics-mr-banner

Measurable Results.

"SVA has a reputation in the dental community that is second-to-none. They have exceeded our expectations and truly have been a catalyst for our business."

Dr. Lisa Teel, DDS, MS, Owner

Meridian Endodontics

LEARN MORE VIEW ALL

bc-adhesives-mr-banner

Measurable Results.

"I would recommend SVA because no question is too small. They have the same core values as BC Adhesives and we trust their opinions and recommendations."

Melissa Shibilski, Finance Manager

BC Adhesives

LEARN MORE VIEW ALL

wisconsin-brewing-co-measurable-results-banner-sva-accountants

Measurable Results.

"SVA was our first phone call. They have been with us since Day 1 and without them I [Mark Nolen] don't know where we would be."

Mark Nolen, President & CEO

Wisconsin Brewing

LEARN MORE VIEW ALL

barnes-inc-measurable-results-banner-sva-accountants

Measurable Results.

"We saved $20,000 in taxes and deferred over $500,000 of taxable income with the help of SVA. They are a tremendous partner for our company."

Mark Barnes, President/CEO

Barnes

LEARN MORE VIEW ALL

capital-mechanical-mr-banner

Measurable Results.

"The SVA team understands the business trends in our industry and helps us develop strategies for business in a good economic climate, as well as preparing us for economic downturns that may occur in the future."

James Wagner, President

Capitol Mechanical Inc.

LEARN MORE VIEW ALL

sondel-veterinary-clinic-measurable-results-banner-sva-accountants

Measurable Results.

"My clinic saves over $10,000 in taxes yearly with the help of SVA. They help me improve my profitability."

Dr. Jesse Sondel, DVM/Owner

Sondel Family Veterinary Clinic

LEARN MORE VIEW ALL

colectivo-coffee-measurable-results-banner-sva-accountants

Measurable Results.

"We hire professionals who bring knowledge to the table that we don’t have. SVA continuously delivers a well-informed, objective perspective we value which makes us continuously evaluate our path."

Lincoln Fowler, Co-Founder

Colectivo Coffee

LEARN MORE VIEW ALL

madison-public-library-measurable-results-banner-sva-accountants

Measurable Results.

"SVA’s reputation and expertise with nonprofits made them our first choice! Their ability to turn the work around in a condensed timeframe, and in a way that all Board of Director members could digest easily, has made them an invaluable resource to us."

Jennifer Jeffress, Executive Director

Madison Public Library Foundation

LEARN MORE VIEW ALL

hand-to-shoulder-mr-banner

Measurable Results.

"When it was time to bring on a new partner, SVA discussed the offer, practice numbers, and goals which made our new partner very comfortable with joining our practice. They appreciated the personalized communication as they transitioned into our practice."

Dr. David Toivonen, M.D., Senior Physician

Hand to Shoulder Center of Wisconsin

LEARN MORE VIEW ALL

icon-mr-arrow-left icon-mr-arrow-right
 
CONTINUE THE CONVERSATION

CONTACT US

MEET THE TEAM

Want to learn more about how we can specifically help your business? Looking for additional information on a service or industry you can't find on our website?

 
RESOURCES

Tired of searching for important, timely business information? Let us do the work for you. Check out our Biz Tips to stay up to date with what’s going on in the world of business.