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Most people get confused about tax returns and tax planning. A tax return is reporting the income, expense, and various transactions from the prior year. Tax planning is knowing ahead of time what those numbers will be! Most people won’t take the time to plan, they just pay what they owe, complain about it and do the same thing next year. If you’re a business owner, farming, or planning your estate, you have to be planning out several years to take advantage of EVERY opportunity you have to either eliminate or mitigate as much tax as possible. Taxes are the biggest expense you have… Income tax, sales tax, inheritance tax, property tax, capital gains tax…. You may have to pay but why pay more than you should??

I’ve never known how anyone could do good investment planning without implementing tax planning! As a matter of full disclosure, and those legal requirements, I (Mitch McAbee) am a registered investment advisor and the owner of Dominion Capital Management LLC. So, admittedly, I may be biased in my perspectives when it comes to combining the tax and investment philosophy. In the tax return world, we see brokerage statements from companies that have some sort of statement referencing the fact that they are not authorized to give tax or legal advice!!! I can honestly say that in over thirty years, no representative from any brokerage company has ever contacted our firm to ask if their investment advice was congruent with their client's tax situation.  So…. Why not put the two together?

 If you’re curious about this, you’ve probably already got a successful business and may wonder how we can help? Several ways! Do you need another set of eyes on your books? How about talking with someone that has a CFO mindset without paying $150,000+ per year for that talent? Where’s your business going? Do you plan to retire? Having challenges connecting with great vendors in the insurance or retirement areas? Bottom line, you’re good at running your business and doing what it takes to make money! But, none of us are good at everything. We encourage you to focus on what you do best and have a conversation with us about filling in the gaps!

You worked for what you have, invested well, maybe oil and gas production was good, or after all of those years in business, it’s time to cash out – PLAN WELL! We’ve dealt with multiple situations where significant amounts of money and assets have been accumulated only to see families torn apart and taxes paid that could have been legally avoided. The typical reasons for this; procrastination and well, they just couldn’t decide……Believe me, a decision is much better than no decision and as long as you’re alive, those decisions can be improved or changed altogether. But don’t wait for the perfect plan to fall into place before you take action… that won’t ever happen. Get started! As a CPA firm, we can’t draft the legal documents you need but we’re available to be an integral part of your team to help you move forward! We are also great at explaining what the attorney said!!!

It goes without saying that Covid put everyone in a virtual appointment mindset. We’re thankful that’s not a requirement, but the virtual appointments make scheduling and communicating efficient. That said, sometimes we just need a face-to-face meeting but for those times it really isn’t necessary, let’s rely on Zoom, Teams, or Meet to move things forward.

Bookkeeping means something different to everyone. Wikipedia defines it as “the recording of financial transactions, and is part of the process of accounting in business and other organizations.” It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person or an organization/corporation. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as "real" bookkeeping, any process for recording financial transactions is a bookkeeping process.