Tax Planning & Preparation

Careful attention to tax planning can free up money for other financial goals. As personal income tax specialists, we will help you keep your tax costs low by giving them extraordinary attention.

You might be able to reduce your yearly tax liability by implementing a few of the following strategies:

* Netting out your capital gains with your capital losses
* Shifting income to dependents in lower income tax brackets
* Claiming appropriate office-in-home deductions
* Maximizing retirement plan contributions
* Identifying and claiming small business deductions
* Claiming the appropriate amount for non-cash donations
* Being mindful of Adjusted Gross Income phase-out ranges
* Amending returns for unclaimed deductions you were entitled to

Your investment portfolio

There are so many decisions to make when building a solid portfolio that will benefit from market upswings and weather any downswings. It really is enough to make your head spin.

Given this complexity, many people seek professional investment advice. But do you want someone advising you who is paid based on the investments he or she recommends?

Step By Step Financial Planning can help you :

* Determine the best investment strategy for your portfolio.
* Find out the costs and tax implications of your investments
* Learn what investments belong in retirement/brokerage accounts
* Know if it is the right time to sell an investment
* Sort through the conflicting advice you come across regularly

Retirement Planning

Knowing that you will have enough money, even when the unexpected happens, is critical to any financial plan.

But retirement isn’t just about money; it’s also about personal fulfillment and enjoyment. It’s what we refer to as financial security.

Have you ever wondered :

* Will you outlive your retirement savings?
* What will you spend your time doing when you retire?
* Will social security be available to you?
* Should an annuity really be inside an IRA account?
* How much money do you really need to retire?
* How much should you be saving now to retire early?
* What pension option should I select?
* What will my cost of living be during my retirement years?

Insurance Reviews

At various times you will probably pay for health insurance, disability insurance, auto insurance, property insurance, life insurance, and more.

Determining how much coverage you need, where you should purchase, and how much you should pay for it are vitally important to your financial security.

Step By Step Financial Planning can help you:

* Understand how your net worth may be exposed to major losses
* Know what you would consider a loss you can’t afford to assume
* Avoid financial strain on your family in the event of your death
* Review your insurance policies to maximize their effectiveness

Estate Planning

It can be uncomfortable to think about death and what will happen to our loved ones and our possessions after we’re gone. What’s even more uncomfortable is to think about the state deciding what happens because we didn’t take the time to plan.

We will evaluate with you the pertinent estate issues that impact your life and consider choices that you can then implement with your attorney.

Step By Step Financial Planning can help you:

* Prevent taxes & probate costs from overly reducing your estate
* Legally appoint someone to make decisions if you are unable to
* Address concerns about possible family conflicts after you are gone
* Make a sound plan for your final arrangements
* Include your favorite charity in your estate plan