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Affinity Tax Services is designed to help clients throughout the planning process to ensure financial stability.

When deciding how or where to invest retirement money, one of the questions a client may have is: What are the tax consequences?

By creating tax projections of a client’s situation, they can make informed decisions and be prepared when tax time comes around. After the decisions are made, Affinity Tax Services can prepare your Federal, State, and Trust returns.

Tax planning – is the process of doing a projection of the tax obligations that could result from various investment strategies. Once clients and their advisor determine the best investment strategy, a tax projection is prepared. This starts with prior year tax returns, which provide detailed information on the income and deductions of the client. This information helps give a more accurate picture and eliminates guess work. Then a projection is created incorporating this history and taxable income that may result from changing investments. An example would be cashing out an IRA and putting the proceeds into a Trust. The IRA will be taxable in the year it is withdrawn, which could create large tax obligations. The projection may look at withdrawing all of the IRA in one year or over a couple years. The tax projection helps the client make a more informed decision.

Income tax – is a tax imposed on taxable income by the federal, most states, and many local governments in the United States. Taxable income is total income less allowable deductions. Capital gains are taxable and capital losses reduce taxable income to the extent of gains plus $3,000 or $1,500 in certain cases. These usually result from the sale of stocks, bonds, real estate, and other capital assets. As part of the full service estate planning company, Affinity Tax Services will prepare your federal and state tax returns.

Trust tax filing – is another service of Affinity Tax Services. Income from a trust is often passed on to beneficiaries who must report this income on their federal income tax returns. The fiduciary of the trust is required to file the income tax return for the trust.