Tax Preparation/Planning

The goal of any professional tax preparer/planner is to be sure that all reporting requirements have been met, that every legal deduction has been claimed, and that all permissible tax-cutting techniques have been explored.  In other words, you want to be absolutely certain that the tax liability as shown on the return is the lowest amount legally payable, and that all feasible steps for reducing future tax liability have been taken.

Bill Kelly is a holder of the Enrolled Agent (EA) designation. An Enrolled Agent (EA) is a federally licensed tax professional who has proven technical expertise in the field of taxation. Enrolled Agents are empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service (IRS) for audits, collections, and appeals. Only EAs, attorneys, and certified public accounts (CPAs) may represent taxpayers before the IRS.

Enrolled Agents advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. The expertise of EAs in the continuosly changing field of taxation enables them to effectively represent taxpayers audited by the IRS.

Only EAs are required to demonstrate to the IRS their competence in matters of taxation before they may represent a taxpayer before the IRS. Unlike attorneys and CPAs, who may or may not choose to specialize in taxes, all EAs specialize in taxation. EAs are the only taxpayer representatives who receive their right to practice from the U.S government (CPAs and attorneys are licensed by the states).

In addition to the stringent testing and application process, the IRS requires enrolled agents to complete 72 hours of continuing professional education, reported every three years, to maintain their EA status. As a National Association of Enrolled Agents (NAEA) member, Bill is obligated to complete 90 hours per three-year reporting period. Because of the knowledge necessary to become an EA and the requirements to maintain the license, there are only about 40,000 practicing EAs.

In addition to his CFP® designation, Bill is eminently prepared to prepare your income taxes. A CERTIFIED FINANCIAL PLANNER practitioner is in an excellent position to understand your financial situation on a wholistic level and thus is in a more advantageous position to assist you in reducing future tax liability than would a tax preparer that has been trained only in the routine, mechanical task of filling out tax forms.

Our services are accurate and cost effective. Give us a call to discuss how we can be of further assistance.

Here are some interesting statistics in regards to who pays the majority of income taxes in the U.S. For all you may hear about the rich not paying their fair share, the statistics prove otherwise. As of 2007, there were about 138 million taxpayers in the United States. Based on a 2006 Treasury Department report here are some interesting numbers:

• The top 0.1% of taxpayers paid 17.4% of individual federal income taxes
• The top 1% of taxpayers paid 36.9% of individual federal income taxes
• The top 5% of taxpayers paid 57.1% of individual federal income taxes
• Taxpayers who rank in the top 50% paid virtually all individual federal income taxes at around 96.7%
• The bottom 50% of taxpayers paid only 3.3% of individual federal income taxes