| Welcome to our pages. We know you will find many items
of interest. As you browse these pages, jot down your questions and
call us. We do not charge you for telephone calls, nor do we charge
for initial conferences. If your inquiry is leading to chargeable time,
we will let you know well in advance.
We want you to get the best financial and tax help possible. If
you have a question which is not addressed here, please call us.
To explore our home page, click on your topic of interest. We invite you back
to our pages often. There is a vast amount of information available
through the various links from our pages. You may want to bookmark
this as a favorite page or make it your first page when you log on.
We do not endorse any of the businesses, products, or services you
may find on connected links. We have provided such links as a convenience
for you to see what the Internet has to offer.
It is our job to see that you pay no more tax than the law
requires.
We monitor the changes in the tax law that affect you and
recommend tax saving strategies. We will file all your tax
returns and serve as your advocate in all tax matters.
If you are contacted by any government agency concerning your
tax matters, your first call should be to us. We will take care
of it so that you can get on with your business.
Tax Planning
There is a certain mystique that has grown up around tax
planning and tax-cutting techniques. We are here to put tax
planning in plain English for you.
There are actually several basic tax-cutting strategies, and
most plans involve one or a combination of them. In a nutshell,
the strategies are:
 Splitting
income among several family members or legal entities in
order to get more of the income taxed in lower brackets.
Shifting
income from one year to another in order to have it fall
where it will be taxed at the lower rate.
Shifting
deductions from one year to another to place them where
the tax benefit will be greater.
Deferring
tax liability through certain investment choices and
through pension plan contributions.
Structuring
your affairs to obtain a tax deduction for some expenses
paid for things you enjoy - a vacation home, for example.
Investing
your money to produce income that is exempt from either
federal or state income tax or both.
Professional Help
Today's tax laws are so complicated that unless your financial
affairs are extremely simple, chances are you will benefit from
at least occasional help from a tax professional. It is too easy
to overlook deductions and credits to which you are entitled if
you prepare only one return a year. Even the use of computer
software is no substitute for the eyes of a seasoned tax
preparer.
We prepare hundreds of tax returns every year. We know what to
look for when your return is prepared. More importantly, you have
someone to ask questions of during the rest of the year. And, we
will put you on our mailing list to receive timely tax and
financial information.
What are your chances of being audited by the IRS?
Click here
to do a quick estimate.
Tax Planning | Professional Help | Investment Review
Financial
Planning |
Other Links of Interest | Call
us!
Investment Review
We will act as your sounding board.
We will review your investment ideas with you and your
investment advisor and suggest the best structure to maximize
your after-tax return.
Don't ignore the impact of taxes on your investments. While
taxes should not drive your investment strategy, understanding
how taxes affect your earnings will help you minimize taxes and
maximize your return. Consider these items:
Capital gains
carry a favored tax status. Consider putting more dollars in
investments that return capital gains.
You can take
an annual deduction of up to $3,000 of capital losses in excess
of capital gains. Consider balancing your winners and losers to
maximize this deduction.
Investments
which produce high taxable annual income can be given to family
members who are in lower tax brackets, thereby saving taxes for
the overall family group.
Depending on
your tax bracket, you may benefit from investing in municipal
bonds. The level of these investments may need to be adjusted as
your total income picture changes.
Tax Planning | Professional Help | Investment Review
Financial
Planning |
Other Links of Interest | Call
us!
Financial Planning
(Use the excellent calculators at the end of this page.)
Start planning and stop worrying!
In a recent Gallup poll, 60% of those surveyed said they
worried about their financial future.
There are a few simple steps you can take to help reduce your
worries.
Put aside some
amount regularly in savings or other investments. The compounding
of earnings can be substantial. The longer your investment
period, the greater the beneficial effect of compounding.
Invest in what
you know. The better informed you are, the better your investment
decisions will be. If you don't want to learn about investments,
consider hiring a money manager and paying him or her to do your
investing for you.
Diversify your
investments. Have some of your money in an investment that is
easily converted to cash in case of emergencies. The old adage
"don't put all your eggs in one basket" is good advice
when it comes to your investments.
Prepare an
annual balance sheet, a list of all your assets minus all your
debts. A comparison of your annual balance sheets will reveal
your success at growing your retirement funds.
Plan where you
want to be financially by retirement age. The calculators listed
below will help you determine your savings requirements. Once you
know how much you need to save, put your plan into action. Over
90% of Americans must rely on the government or others for
assistance during retirement. With proper planning and diligence,
you may be among those who can retire in comfort.
Don't use
credit to purchase consumption items. Wait until you can pay cash
for things which decrease in value. Borrowing money to purchase a
home is usually a sound idea. Using credit to purchase household
furnishings is not.
Monitor your
investments to maximize your after-tax return. Use the calculator
below to compare the long-term results of different interest
rates. The differences can be dramatic.
Have your
insurance agent do at least an annual review of your insurance
needs to determine that you are neither under- nor over-insured.
The Magic of Compounding!
If you could have one of the following as your pay for thirty
days' work, which would you choose? (A) $10,000 or (B) a penny
the first day, two cents the second day, four cents the third
day, eight cents the fourth day, and so on, with each day
doubling on out to 30 days.
The $10,000 sounds very attractive, but the fact is that the
penny doubled each day for 30 days adds up to over five million
dollars. Of course, that is 100% interest compounded daily, a
rate not available to most working folk. Nevertheless, you see
the power of compounding your earnings.
Here are some easy-to-use calculators.
Do you know how much you need to set aside to fund a college
education for your child?
How much must you save each month for your retirement?
What will your Individual Retirement Account (IRA) be worth
when you get ready to start drawing on it?
You can get rough answers to these and other questions very
quickly by using the following calculators and a few estimates on
your part. If we can be of help or answer questions for you,
please call us.
Tax Planning | Professional Help | Investment Review
Financial
Planning |
Other Links of Interest | Call
us!
Other Links of Interest
We do not endorse any products, services, or businesses you
may find by following these links. Do not enter into any
transaction until you and/or your advisors are satisfied that you
are getting what you are paying for.
Why don't you call us for a no-charge initial conference. We
will discuss your financial and tax situation and help you
determine how we would be of use to you. If your financial
affairs are simple, it may be a short meeting. If you have
extensive holdings, your needs are more complicated and should be
treated accordingly.
Tax Planning | Professional Help | Investment Review
Financial
Planning |
Other Links of Interest | Call
us!
Thomas K. Moseley
Attorney at Law
Certified Public Accountant
1515 LaBelle Avenue, Suite 5
Ruxton, MD 21204-6616
410-339-7696  FAX
410-339-7698
e-mail: tom@tkmoseley.com
|
