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Tax Preparation

JFR Associates performs federal and state income tax preparation for individuals and businesses.  Our income tax preparation services can include multiple states if necessary.  Most, or all, of our filings are done electronically.

Tax Planning

Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency. Through tax planning, all elements of the financial plan work together in the most tax-efficient manner possible. Tax planning is an essential part of a financial plan. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.

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Minimizing Potential Taxes

Minimizing tax liability is one of the most important financial planning aspects for business owners and individuals each year, but it can also be a confusing process. Tax credits and deductions are often overlooked when filing taxes each year, and miscalculations or misinterpretations of tax guidelines can end up costing taxpayers more than they may have bargained for. Although it is not exhaustive, the following list of common tax planning strategies can help some taxpayers minimize their taxable liabilities each year.

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Wealth Transfer

Wealth Transfer is the transfer of wealth or assets to beneficiaries upon the death of the owner through financial planning strategies that often include wills, estate planning, life insurance, or trusts in a tax efficient manner.

Estate Planning

Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.

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Stretch IRAs

A stretch IRA is an estate planning strategy that extends the tax-deferred status of an inherited IRA when it is passed to a non-spouse beneficiary. It allows for continued tax-deferred growth of an Individual Retirement Account (IRA). By using this strategy, an IRA can be passed on from generation to generation while beneficiaries enjoy tax-deferred and/or tax-free growth. The term "stretch" does not represent a specific type of IRA; rather it is a financial strategy that allows people to stretch out the life, and therefore the tax advantages of an IRA.

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Sales Tax Return Filing

JFR Associates can assist business owners with the following items related to required state sales tax collection, remittance and reporting:

  • what is subject to sales tax and at what rate

  • what filing frequency you should use

  • what are the due dates for your sales tax filings

  • compiling gross receipts to determine the amount of sales tax you owe 

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