Individual Clients
The Railsback Group, P.C. individual tax clients have a wide ranges of needs, but our goal in each engagement is to identify tax planning opportunities and develop a plan that considers changes in your situation.
In addition to the tax compliance services involving the preparation of Federal, State and Local Income Tax Returns we also provide services for our individual clients, including:
- Tax Planning and Projections for future or proposed transactions
- Wealth Transfer Planning
- Trust and Estate Administration
Tax Planning and Projections for future or proposed transactions
The current tax code is complicated and you need advanced tax planning software to be able to have the information necessary to make informed decisions. We have the tools to show you what the projected tax liability will be for the current and future years based on a set of assumptions. As part of creating a long-term tax plan we can identify potential strategies to provide you greater tax efficiency.
If your income increases significantly then it’s important to review a tax projection to determine if you will have a balance due with your tax return and how much it will be. Clients who have gains from the sale of investments or real estate can find themselves with an unexpected tax liability. The last thing anyone wants is a surprise tax bill when the return is filed.
It’s important prior to entering a transaction to contact us so we can help you understand the tax consequences and identify any alternatives that could reduce your tax liability.
Wealth Transfer Planning
Planning to leave your legacy to your heirs can be a complex task. Many people simply avoid dealing with this issue, but an effective wealth transfer plan can reduce future conflict, reduce taxes and administrative expenses. The process starts with establishing your goals and then working with an experienced team of professionals to develop strategies that are in alignment with those goals.
A well-designed wealth transfer plan should have the flexibility to accommodate changes occurring over a period of many years. Once you have a plan in place, it needs to be reviewed with your team of advisors on a regular basis.
Trust and Estate Administration
An effective estate plan is essential in order to minimize taxes, reduce administration costs and ensure your beneficiaries receive the benefits you intended. We work closely with the attorney, investment advisor and personal representative or trustee to ensure the process of administering a trust or estate is done correctly.
In many engagements we assist the personal representative or trustee in preparing an accounting of all transactions that can be provide to the beneficiaries. This information is also used for the preparation of any Fiduciary Income Tax Returns and / or Estate Tax Returns.
