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THE TRUMP TAX PLAN:
How Will It Affect You?
Recently, President Trump signed the Tax Cuts and Jobs Act, a new law that cuts the corporate tax rate from 35 percent to 21 percent beginning in 2018. The law also cuts income tax rates, doubles the standard deduction, and eliminates personal exemptions.
Read a Summary of the New Tax Law
This article* by Kimberly Amadeo of The Balance offers an itemized explanation of the changes instituted by the Tax Cuts and Jobs Act.
Take Me to THE ARTICLE
Learn How the New Law Personally Impacts You...
Call us at LoTurco & Company and we will conduct a No-Obligation, Complimentary Review of your taxes to determine how the new Act directly affects you.
"Nice People Working Hard for You"
We believe hard work leads to client satisfaction. The professional staff at LoTurco & Company are all experienced in accounting, taxation, and finance that may help bring about tax savings to you
What is a financial advisor?
When it comes to managing your finances and investing your money, few things are more important than finding a qualified professional financial advisor. A financial advisor is up to date on all the latest tax laws and how those laws can be applied to your financial situation to help save you money. In addition to tax planning and tax preparation services, a financial advisor provides advice and guidance on how and where to invest your money.
What qualifications should I look for when choosing a financial advisor?
Financial professionals hold related degrees from accredited universities. Look for an advisor who has a bachelor’s degree in finance or a related field. An advisor can also have an MBA, or Master’s in Business Administration, which adds significantly to their educational credentials. These financial professionals need to be licensed in your state or hold a securities license. When a financial professional has a securities license, he or she may work with clients in more than one state. An advisor can be a Certified Financial Planner, or CFP, which requires passing a special exam. Lastly, be sure the advisor you choose has experience in the financial planning services you need.
What is the process of working with a financial advisor?
No matter what type of service professional you are working with, one of the most important things is to make sure you are comfortable. During your first meeting with a financial advisor, expect to provide details about your finances and what types of services you are looking for. You may have several specific goals in mind. For example, you might be most interested in reducing your tax liability and saving money on taxes. You may want to discuss investment strategies and other aspects of financial planning, such as retirement savings or estate planning. The financial advisor will talk with you about these goals and will assess your risk tolerance. During the first meeting with a financial advisor, you can gauge whether or not you are comfortable with the firm and trusting this advisor with your finances.
What is risk tolerance and why it is important?
Risk tolerance is a key component of all types of investment strategies, and it is determined by a number of factors. For example, it is important for your financial advisor to consider all of your assets. If you have additional assets, then you may be able to tolerate more risk when it comes to your investment strategies. Additionally, a financial advisor will consider your level of investment experience. When you first dip your toes into the pool of investing your money, it can feel daunting. If you have experience investing, you are likely to be more comfortable putting your money into high risk, high reward ventures than someone who is brand new to the world of investing. Finally, the financial advisor will consider your investment goals. Your goals involve how long you plan to hold the investment. You may want to cash out in a few years to make a down payment on a new home, or you may plan to wait several decades for retirement.
Should I work with a financial advisor if all I need are tax preparation services?
Tax preparation services are an important offering from qualified financial advisors. A financial advisor will have detailed knowledge of tax laws and changes and how each one relates to your specific financial situation. This will ensure you get the maximum tax refund or pay the least amount of taxes, while staying within the law. Additionally, if you have additional assets or investments, this can complicate your tax preparation. Leaving it up to qualified professionals not only ensures that your taxes are done properly, but it also protects you in the case of an audit. A qualified financial professional will stand behind their work and provide assistance during the auditing process.
Can a financial advisor help with bookkeeping for my business?
Bookkeeping services are a sound investment for many individuals and businesses. The more complex and diversified your finances, the more difficult and time-consuming it is to keep track of everything. Professional bookkeeping services ensure that every aspect of your finances is accurate, up to date, and fully prepared for tax season. If you run a business, hiring a professional bookkeeper is imperative for the success of your business. Even if you are capable of handling your own bookkeeping, a professional financial advisor is a smart choice. A financial advisor becomes a partner in your business, including providing the important service of properly documenting all of your financial records. Bringing in this partner frees you up to do the important work of building your business.
What other accounting services are provided by a financial advisor?
A qualified financial advisor can basically provide all standard accounting services, as well as financial counseling and coaching. Your advisor will serve as a guide through the wide variety of financial strategies available to you, and by providing accurate, professional accounting services, a qualified advisor will ensure you and your business are fully prepared for any financial challenges or opportunities that may lie ahead. A few other common accounting services include providing financial statements and managing all of your payroll services. Whether you are an individual or a business entity, accounting services include providing monthly, quarterly, and annual statements for your business or personal financial statements for individuals.
Can a financial advisor help when I am starting my business?
If you are an individual who is interested in starting your own business, accounting services are a must. More importantly, new businesses need smart financial planning and investment services. A financial advisor can walk you through the process of opening your business and setting up all of your payroll, bookkeeping, and accounting services. You can rest assured that come tax season, your financial statements and your business records will be ready to go. Your advisor will be available throughout the year to answer your questions and implement new strategies and systems as you continue to scale your business. It is a smart investment for any new business owner.