Gilman Ciocia Tax Planning Helps Your Money Work Harder for You

At GTAX Gilman Ciocia, we do more than just prepare tax returns for clients. Gilman Ciocia tax planning services help clients year-round, by helping them determine, for example, if a Roth IRA is in their best interests. Sometimes, it's not. With a Roth IRA, contributions aren't tax deductable, and most people contribute to Roths during the years they're in the highest marginal tax bracket. A good tax planner helps taxpayers for now and later.

How Much of Your Wealth Should Be Easily Accessible?

Ask yourself how big a check you could write today if you had to. The answer can often be sobering. The tax and financial planners at GTAX Gilman Ciocia can help you structure your investments, cash, and retirement contributions to help you have access to enough emergency cash while still putting away a suitable portion of your wealth for retirement.

What About Saving for College?

If you have reached a reasonable liquidity level, then using a 529 plan to save for college costs can be a great idea. However, it's not always in your best interests to take dollars that can be used for anything and change them to dollars that can only be used for one purpose. One of our good tax and financial planners can help you allocate your resources to work for you today and tomorrow.

The Estate Tax Exemption

The estate tax exemption changed several times in the early years of the 2000s. However, it was set at $5 million last year and is expected to remain there for now. Knowing this can be important when it comes to estate planning, and we at Gilman Ciocia are prepared to help clients make wise financial decisions when it comes to planning their estates.

Changes to the Alternative Minimum Tax

The Alternative Minimum Tax has caused problems in recent years, as arcane provisions have inadvertently caused many upwardly mobile middle class taxpayers to have to pay this tax. Now, however, the Alternative Minimum Tax is tied to inflation, which should cut down on these incidents. Good tax planning is both short term and long term, and at Gilman Ciocia, we can help you with both.

GTAX Gilman Ciocia Explains Changes in Tax Laws

If you make more than $250,000, you will have a tax increase on investment income of an additional 3.8% in 2013. The dividend tax rate changes to the taxpayer's ordinary income tax rate in 2013. Previously it was taxed at 15%. The maximum tax on dividends and interest will be 43.8%, and Medicare tax for those making $200,000 or more will increase by 0.9% as part of the Affordable Care Act.

Gift Tax Exclusions and Rates

Beginning in 2013, the annual gift exclusion increases from $13,000 to $14,000. Spouses may combine their gifts to raise the annual exclusion to $28,000. The tax rate on gifts in excess of the exclusion limits will increase from 35% to 55%. If you did not make significant gifts by the end of 2012, you should strongly consider enlisting the help of Gilman Ciocia tax planning services to make the most of your particular situation.

FICA and Medicare Withholding

The FICA withholding from your paycheck will increase from 4.2% to 6.2% in 2013, and the Medicare withholding rate will increase from 1.45% to 2.35%. People who are self-employed are not exempt from this increase, which will show up in the self-employment tax that independent contractors and those who are self-employed must pay.

Tax Filing in 2013 Could Get Messy

Because of the delay in legislation by Congress at the end of 2012, the 2013 filing season is likely to be more complex than usual. The Internal Revenue Service (IRS) will have to change their computer systems in order to accommodate changes in the tax law, which could delay filing of tax returns for many people.

GTAX Gilman Ciocia Can Help with Year-Round Tax Planning

With a tax code as complicated and contentious as that in the U.S., prudent taxpayers can make the most of their income tax situation by enlisting in the help of Gilman Ciocia tax planning services. Over your lifetime, taxes are your biggest expense, and a high percentage of tax filers overpay their taxes. Knowing your real tax liability is one of the keys to making the most of your income, regardless of how much you make.

Gilman Ciocia Discusses Tax Planning for Middle Class Investors

Gilman Ciocia, GTAX on Nasdaq, was founded in 1982 as a tax preparation service. A dozen years later, the company became the first publicly traded company to combine financial planning with tax preparation. The client base for the company is middle and upper-middle class people faced with increasingly complex tax situations and increasing options for investment. The need of these investors for the information and investment products offered by big financial firms was clear to the company's founders from the start.

Your Tax Burden May Be Lower than You Think

Gilman Ciocia offers to review previous years' tax returns for new clients, and in around half the cases, the client's tax burden is less than previously thought and that person can file an amended return for a refund. A large percentage of taxpayers overpay on their tax returns simply because they are not aware of all the deductions and credits to which they are entitled.

Accurate Financial Advice is Crucial

If your financial advice is not accurate, you could be losing money. Middle class families deserve the same highly accurate and helpful advice that wealthy people have. Yet many middle class people invest solely based on news articles and accept whatever their tax preparer tells them when April 15 rolls around. You deserve better than that, and Gilman Ciocia offers the help you need.

What Story Does Your Portfolio Tell?

Your financial planner should look at several things in your investment portfolio. He or she should look at the numbers that tell the story of what kind of performance your money is getting, what kinds of risks you are taking with your investments, how much you're paying in fees, and how tax-efficient your investment strategy is. He or she should also be able to recognize when you're doing things right and not recommend change for its own sake.

Financial Planning is Not Just for the Rich

When you're looking for investment and tax advice, have a look at Gilman Ciocia, GTAX on Nasdaq. If a financial planner's clients don't succeed, the financial planner doesn't succeed. Isn't it time to make your money work as hard as you do?

Planning Your Taxes: IRS Tax Forms Are Only the Beginning

Tax planning encompasses much more than just getting the proper forms in to the IRS by the April 15 deadline. The job of your tax planner is to help you minimize tax exposure by formulating a financial plan that complies with tax laws, maximizes your gain, and minimizes your tax liability. A good tax planner also anticipates changing IRS rules as well as changes in your personal circumstances that could affect your tax burden.

Ways Your Tax Planner Can Help You

If you are planning a major investment or transaction, such as buying a business, selling a house, or putting away money for retirement, your tax planner can analyze your plans and see if there are ways to minimize the tax impact, both short term and long term. Your tax planner should also have the expertise necessary to conduct due diligence to help ensure the most favorable tax consequences to you.

IRS Tax Forms: Beyond the 1040

Of course, the 1040 is what most people associate with income taxes, but your tax planner knows all the forms as well as which ones you need for your particular situation. Here are a few of the most commonly needed tax forms:

           ·          Schedule A for itemizing deductions

           ·          Schedule B for declaring interest and dividend income

           ·          Schedule C for those who are self-employed

           ·          Schedule D for computing capital gains and capital losses

           ·          Schedule E for income and expenses from rental properties

Are You Overpaying Your Taxes?

Many people overpay their taxes so that they'll get a refund when they file, but by doing this, they're essentially giving the government an interest-free loan. Furthermore, a surprising number of people overpay because they are not familiar with the deductions and tax credits for which they are eligible.

Look Beyond April 15

Financial planning, including planning for taxes, should be a year-round endeavor, and working with a tax and financial planner is the best way to make sure you maximize your financial position while avoiding paying more than you owe to the IRS. Make sure your money works as hard as you do.

Is Your Professional Tax Preparer Concerned About Next Year's Taxes?

You may not think that you have enough money or earn enough to bother with "wealth management," but in most cases a wealth management strategy lowers your tax burden and helps you have a more comfortable future. Many tax return preparation services start and end with getting your 1040 form filed, but with the right professional tax preparer you could do much more than get your taxes filed on time.

Do You Want Lower Taxes Next Year?

There are numerous things the individual can do to lower next year's tax burden. But most taxreturn preparation services aren't worried about next year. When you work with a tax preparation professional with a comprehensive approach, you can make the most of the money you earn while making sure you don't give the IRS one dime more than you have to.

You Can Afford to Save for Retirement

Even if you can only afford to put away a little money toward retirement, you will thank yourself when you're older. The right tax preparation professional can show you how to manage your finances today so that you'll have the money you need tomorrow. Managing wealth isn't just for rich people and people with trust funds. It's for the everyday working individual too, and can make an enormous difference to your future.

Helping Your Children with College Expenses

A skilled tax preparation professional can help you set aside money for your children's education without making you strapped for money today. College is expensive, and the few dollars you put away for your toddler today will make things much brighter when he or she is ready to pursue higher education.

The Right Tax Preparation Professional Makes the Difference

Many tax preparation firms limit their services to getting your 1040 filed on time. Sure, they will try to get you the biggest refund possible, but they don't take that extra step in helping you have a better tax situation next year. Invest in comprehensive tax preparation services, and you'll learn how to make your money work as hard as you do, so you can start planning for a brighter future.

Comprehensive Tax Preparation Services and Your Financial Future

Many tax preparations firms only come to life after Christmas, and then they go dormant again after mid-April. That's because they're only about helping people file their taxes. While getting your taxes completed on time is important, how you handle your finances the rest of the year is equally as important. When you evaluate taxpreparation services, you benefit from choosing one that offers a comprehensive approach to your finances.

It's Not Just About April 15

Tax planning is a year-round pursuit for those who want their money to work as hard as they do. This doesn't mean you have to become conversant about hedge funds, yield spreads, derivatives, and the like. But you'll find that the people who maximize their gains while minimizing their tax burdens work with tax preparation firms that offer year-round financial planning and strive to help you make the most of your money.

What Can You Do About Next Year's Taxes?

It's April 16th and you're done with last year's income taxes. Why not work with a financial planning service that can take into account your tax situation, income, and obligations and help you come up with a workable financial plan that will help you keep as much of your hard-earned income in your pocket as is possible? Financial planning is not just for the wealthy.

Wealth Management? Yes!

When most people think of wealth management they think of stock brokers and hedge fund managers. But wealth management is as important to the everyday person as it is to the wealthy - perhaps even more so. Just because you don't have a lot of wealth doesn't mean you shouldn't do the most with what you have. When your tax prep service also helps you with year-round financial planning, you're on the path to a more comfortable future.

Take Control of Your Taxes and Your Finances

Don't trust your taxes to a firm that only cares about April 15. Work with tax preparation professionals who also know how to help ordinary individuals manage their finances effectively. Chances are you'll lower your tax burden while raising your net worth. And your financial security is worth it.

Do You Really Need a Tax Accountant?

Two Very Important Facts about Taxes

The biggest expense you face over the course of your lifetime is tax. When you think of taxes as an expense, you naturally want to minimize that expense. Here's another interesting fact: 75% of Americans pay more tax than they should every year. You are very likely part of that 75%, and could benefit from working with a tax accountant to get an accurate picture of what you really owe.

Why Ordinary People Hire Tax Accountants

People hire tax professionals for many reasons. They may find doing their taxes themselves tedious and confusing, or they may fear submitting an inaccurate tax return. A tax CPA can help whether your personal tax situation is complicated or straightforward. If you face an audit by the IRS, a tax CPA working on your behalf can be a very wise investment.

How Do You Find a Good Accountant?

A good CPA who specializes in taxes should have experience and a proven track record for helping clients file accurate returns without overpaying. If you know someone who has their act together financially, consider asking for a referral. Beware of tax professionals who promise you unrealistic results, because ultimately it will be your finances on the line if they make mistakes.

Tax Preparation as Part of Financial Planning

Don't just think of taxes as a necessary evil. Your taxes should be an important part of your financial planning, just as you take into account your income, assets, and other expenses. Particularly if you're on a tight budget, you can benefit from sound financial planning. Avoiding overpaying your taxes is a great first step because the rewards are immediate.

Wealth Management Isn't Just for Wealthy People

Wealth may be great or it may be small. How you manage your money matters to your quality of life whether you earn a big salary or not. One of the best places to start managing your money better is with your income tax returns. If you're one of the millions of American taxpayers who is overpaying, working with an experienced CPA is a terrific place to begin making the most of the money you work so hard for.