Most people are aware that accounting firms in Salt Lake City provide a range of different financial services. Most people associate accountants with tax time and business and personal tax preparation, but these professionals do a lot more than just tax preparation, consulting and support.
Understanding three little known services that the best accounting firms in Salt Lake City can help you to realize just how essential these professionals can be in your life. This is true if you have a large income and a significant cash flow or if you have a modest income and are working to develop a plan to maximize your savings and financial options.
Estate Planning
For anyone that has any type of property or assets estate planning is an important service that top accounting firms provide. This is a way to examine your assets, how you want your property managed upon your death, and planning ways to limit the tax issues that your survivors will have to deal with.
In many cases wills can to minimize the tax burden to survivors through the development of trusts, gifts and transfers. This is a complex area of the tax law and a professional accountant can provide you with accurate information.
Charitable Giving
For individuals and businesses that give back to their communities, religious organizations and charities, setting up specific options for giving is also important. This allows you to maximize your charitable gifts while also ensuring that you are obtaining the tax benefits that you are legally entitled to receive based on that giving.
Retirement Planning
It is never too late to start planning for your retirement, nor is it ever too early. By working with an accountant and discussing your short and long term retirement goals you can create just the plan that will allow you take advantage of different investment and retirement options.
This may include opening up and contributing IRAs, profit sharing plans, 401(k) plans or other types of investment options. By having a CPA at Cook Martin Poulson discuss these options with you the best possible plan can be developed based on your years to retirement, your own personal goals, and your personal preferences for investment options.
