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Personal Taxes 

Financial advisor

Every filer has unique circumstances and deserves our focused attention.

We take a personal approach in a discreet, comfortable and dignified atmosphere. our entire financial picture - past, present and future is taken into consideration to respond to your needs...

 

Two out of every five of our new clients qualify for additional refunds plus interest!*

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We've recovered thousands of dollars for our clients from their prior returns.*

 

We provide Electronic Filing for Fast Refunds.

 

Initial Consultations and Estimates are FREE.

*Individual Results May Vary

7 Deductions You Can Itemize

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Some you know, some you may not. And some you may have forgot. Listed below are 7 allowable deductions we can itemize for you to further maximize tax savings. They are:

  • Medical and dental expenses (exceeding 7.5% of Adjusted Gross Income [AGI])

    State and local income taxes

  • Real estate taxes

  • Personal property taxes

  • Home mortgage interest

  • Investment interest

  • Gifts to charity

Financial advisor
Financial advisor

2024 Filing Status & Requirements

Filing Status
Age
Minimum W-2 Income Requirement
Minimum Self-Employment Income Requirement
Single
Under 65
$14,600
$400
Single
65 or Older
$16,550
$400
Married Filing Jointly
Both Spouses Under 65
$29,200
$400
Married Filing Jointly
One Spouse 65 or Older
$30,750
$400
Married Fillng Jointly
Both Spouses 65 or Older
$32,300
$400
Married Filing Separately
Any Age
$5
$400
Head of Household
Under 65
$21,900
$400
Head of Household
65 or Older
$23,850
$400
Qualifying Widow(er) with Dependent Child
Under 65
$29,200
$400
Qualifying Widow(er) with Dependent Child
65 or Older
$30,750
$400

The New 2024 Federal Income Tax Brackets & Rates

Tax Bracket/ Filing Status
Single
Married Filing Jointly or Qualifying Widow
Married Filing Separately
Head of Household
10%
$0 to $11,600
$0 to $23,200
$0 to $11,600
$0 to $16,550
12%
$11,601 to $47,150
$23,201 to $94,300
$11,601 to $47,150
$16,551 to $63,100
22%
$47,151 to $100,525
$94,301 to $201,050
$47,151 to $101,525
$63,101 to $100,500
24%
$100,526 to $191,950
$201,051 to $383,900
$101,526 to $191,950
$100,501 to $191,950
32%
$191,951 to $243,725
$383,901 to $487,450
$191,951 to $243,725
$191,951 to $243,700
35%
$243,726 to $609,350
$487,451 to $731,200
$243,726 to $365,600
$243,701 to $609,350
37%
$609,351 or more
731,201 or more
$365,601 or more
$609,351 or more
SERVICES
We Know Taxes.
Our firm has over 30 years of experience to meet your needs. The professional staff at LoTurco & Company are all experienced in accounting, taxation, and finance that may help bring about tax savings to you. 
CONTACT US
Financial advisor

Financial Advisor

1040 Hempstead Turnpike # 20, Franklin Square, NY 11010

1040 Hempstead Turnpike # 20, Franklin Square, NY 11010

(800) 990-9455
(516) 358-9455

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.

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