Tax Management

Including Tax Planning, Preparation & Representation before Tax authorities

Overview

Yoder & Company specializes in tax planning, preparation, and representing our clients before taxing authorities. Our tax services include income, estate and gift tax returns and information returns for nonprofits. Our Financial Reporting service includes compliance returns such as sales, property and payroll tax returns.

Tax management can be complicated. Each year the tax laws change and some laws are retroactive. With our extensive research resources and continuing education, our professional tax accountants keep abreast of tax changes and how they may affect our clients.

Assisting clients minimize tax obligations and meet the requirements of the various taxing authorities has always been an important part of the services we provide. Let the qualified staff of Yoder & Company make sense of it for you. We've been assisting individuals and organizations since 1975.

Tax Planning

Proactive tax planning is important in minimizing taxes, avoiding penalties and adjustments resulting from government audits. Planning can only be accomplished by maintaining close communication with our clients throughout the year. If our tax professionals are part of your decision-making process, we can help you minimize taxes and avoid surprises.

Effective tax planning presents various tax strategies that can result in considerable savings. These include such things as tax-deferred exchanges of real estate, selecting the right entity, projecting income, deciding which year for financial transactions and life decisions, and utilizing the tax laws to your advantage.

Tax considerations are an important factor in both our "Tax Planning" and "Consulting & Planning" services. Because many personal and business decisions are influenced by taxes as well as other factors, you will see certain types of planning discussed in more than one service provided by Yoder & Company.

As a family or individual, you have Life events and make financial decisions that affect your personal income taxes. Consult with one of our qualified Certified Public Accountants (CPA) and visit our "Resources" web pages for financial guides and tax tips if you are considering or faced with any of the following issues:

• Changing your marital status. Besides the timing of marriages, separations or divorces, consider how any debts or unpaid taxes of a potential spouse may obligate you and how to protect your separate assets in the event your marriage is dissolved. The death of a loved one or deciding to live with your "significant other" may result in financial obligations or tax considerations.
• Having child custody issues, thinking of adopting a child, enlarging your family, or saving for their education.
• Planning for a child with special needs to ensure financial and specialized care when you are not available
• Having a disability may make you eligible for tax breaks, deductions and credits; you may want to take advantage of available benefits to provide you with a safety net
• Obtaining a student or other type of loan
• Buying a motor vehicle decision
• Buying or selling home, real estate or large luxury item.
• Renting a home or allowing someone to live there for more than fourteen days
• Employing household help or caregivers for family members may make you responsible for paying employment taxes and filing payroll tax returns
• Receiving a windfall such as winning the lottery or an inheritance
• Needing assistance when exercising stock options or other special methods of compensation
• Having earnings from multiple sources or from multiple states and localities
• Needing income projections for tax estimates and tax planning
• Thinking of starting a business, changing your career, or relocating your job and family

Charitable individuals should consult their CPA in the following situations: donating a vehicle or valuable item and taking advantage of a tax deduction; considering philanthropic & charitable giving issues such as creating foundations, making endowments, donating to an organization or making a gift and creating a nonprofit organization

Older adults and seniors benefit from proactive planning in the following situations:

• Considering retirement or transitioning into retirement
• Deciding at what age to take social security
• Turning 70½ kicks in laws related to your retirement plan such as mandatory distributions

Adult individuals need planning to protect their beneficiaries from unnecessary taxation. Consult your CPA for:

• Help with increasing, managing or transferring your wealth
• Estate planning including creating wills, trusts or other legal entities in conjunction with an attorney. See the Estates & Trusts service for more information on the services that Yoder & Company provides to estates and trusts. [Link to Services/Estates & Trusts]

Entrepreneurs and business executives know that tax considerations is an important element in all business decisions whether it's done as part of our tax or consulting services. Consult with your tax planning advisor before:

• Starting a new business, or buying an existing business or investment property
• Purchasing or selling capital equipment
• Expanding, transferring or selling a business
• Considering business succession options
• Making year-end decisions that help determine optimum disbursements for bonuses, purchase or sale of equipment, use of unused tax credits, etc.

See the Consulting & Planning for Business, Nonprofit & Other Entities service for more information on the business services that Yoder & Company provides.

Tax Return Preparation

Following are some of the tax return preparation services available to our clients:

• Preparation of Income tax returns for individuals, partnerships, corporations, limited liability companies, estates, trusts, and employee benefit plans
• Preparation of Estate and Gift tax returns for individuals
• Preparation of Unrelated Business Taxable Income (UBTI) returns for nonprofit organizations and retirement plans
• Preparation of Information returns for nonprofit organizations and employee benefit plans
• Filing extensions
• Amending prior-year returns, if needed

New technology and ever-changing government requirements have changed the process of preparing tax returns and obtaining client signatures for client authorization to file tax returns electronically.

At Yoder & Company, we utilize the latest software and secure Internet solutions to send and receive confidential tax returns and documents electronically which saves time and makes us more efficient. Our clients know we are flexible and can work with either electronic or hard-copy methods according to their preferences.

Representation before Taxing Authorities (Tax Audit)

Professional representation before taxing authorities such as the IRS and state and local authorities can be vital during a tax audit. Our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies.

If you have been chosen for an audit, our firm can put many of your concerns at bay. We will be ready to meet with IRS auditors on your behalf. Your time is valuable, and we can represent your interests.