Tax & Financial Planning Services in St. Petersburg
Tax and financial planning services are essential for the success of any business. At Werner & Company, PA, our financial specialists help you optimize your budget, maximize tax deductibles, and enhance your accounting system to match your goals. We offer tailored services and expertise in a wide range of industries. Our objective is to provide a practical and comprehensive tax and financial planning experience.
We understand that every company has different short-term and long-term goals, and we take the time to understand your current position and help you define your financial targets. Our skilled team takes a holistic view of your finances to craft a plan that suits your business. For a professional financial planner in St. Petersburg who understands tax services, contact us today to schedule your free initial consultation!
Tax Strategies From a Financial Planning Perspective
Our team includes a Personal Financial Specialist (PFS), Certified Fraud Examiner (CFE), and several skilled CPAs. We show you how your income tax returns are the culmination of several decisions and occurrences. Tax efficiency is a critical part of financial planning at every stage. We approach tax planning as a year-round and lifelong process.
We can help you find new opportunities and strategies to manage your taxes and achieve your goals. Ultimately, proper tax planning enables you to build your finances and boost the amount you can put toward retirement.
St. Petersburg Financial Planning for Investment & Retirement
Preparing for retirement involves clarifying your income goals and the decisions needed to achieve those goals. Our team will evaluate your retirement plan and help you identify income sources, size up expenses, implement a viable savings program, and manage your assets. By estimating your future cash flows, we can gauge whether your retirement income goal is achievable. Our St. Petersburg financial planning team provides tax advice on many investment strategies, including:
Real Estate: Investing in real estate is a great way to build wealth and reduce taxes. Our financial experts will help you evaluate any depreciation on your income-generating rental property to allow for the recovery of costs related to your investment. We can also help you defer taxes by selling your investment property and using the equity to buy another property in a 1031 like-kind exchange.
IRA/401k Accounts: We will analyze your financial situation and determine whether an IRA or 401(k) plan will work best for you. Our team will discuss the various features of the plans and choose what is more desirable. Generally, a 401(k) allows you to contribute more money each year on a pretax basis than an IRA. A 401(k) can be easier to manage if you don't plan to make investment decisions since the plan may offer mutual funds. An IRA offers more investment choices and allows you to manage those investments while holding the money in an IRA savings account.
Non-Qualified Investment Accounts: A non-qualifying investment refers to an asset that does not qualify for any level of tax-exempt or tax-deferred status. You can make such investments with after-tax money. They are often purchased and held in tax-deferred accounts, trusts, or plans. Our financial experts will help you analyze such investments and prepare the returns annually.
Planning Your Estate
Estate planning involves making preparations to help manage your asset base in the event of incapacitation or death. The planning process includes the bequest of assets to heirs and settling estate taxes. Our experienced financial specialists can help you set up your estate plan to ensure that your assets will be managed, preserved, and distributed appropriately.
Assets that make up an estate include houses, stocks, cars, pensions, artwork, life insurance, and debt. Some critical reasons for estate planning include preserving family wealth, providing for your surviving children or spouse, funding children's or grandchildren's education, or leaving a legacy towards a charitable cause. Werner & Company, PA offers estate planning services to help with:
- Limiting estate taxes by creating trust accounts in the names of beneficiaries
- Naming an estate executor to oversee the terms of the will
- Establishing a guardian for living dependents
- Creating or updating beneficiaries on various plans such as life insurance, 401(k)s, and IRAs
- Arranging annual gifting to qualifying charitable and nonprofit organizations to minimize the taxable estate income
- Establishing a power of attorney (POA) to manage other assets and investments
- Setting up funeral arrangements
Your Trusted St. Petersburg Tax & Financial Planning Advisor
You can rely on Werner & Company, PA to put in the time and effort to understand your situation and provide customized tax and financial planning services. We are honest, trustworthy, and reliable, and we don't want you to pay taxes we could have minimized.
We understand that retirement planning is a life-long process and numerous tax laws influence the results of investing. Our certified financial specialists will look at every part of your financial plan and all the tax implications to help reduce your liabilities. Get in touch with our friendly St. Petersburg financial planning experts today!