Tax Planning & Return Preparation

Our tax planning and income tax return preparation services at Godbold, Romanov & Love CPAs will guide you toward the best course of action that will properly manage your tax liability and positively affect your cash flow, investment returns, and retirement income. 

We will consult with you to help you:

• Understand your federal tax bracket, which is based on income.
• Get to know the difference between tax deductions and tax credits, which is the most important part of your tax return preparation.
• Decide on whether to itemize or take the standard deduction (typically adjusted by Congress each year to account for inflation), which could make a huge difference in your tax bill. Standard deduction filing statuses are: single, married and filing jointly, married and filing separately, and head of household.
• Understand the tax records you should keep after filing, which is critical if you’re ever audited. It’s a good idea to keep records for three years, the time frame that the IRS usually decides to audit your return. It can be longer in certain cases.
• Look into other ways to cut your tax bill, such as adjusting your W-4, putting money in a 401(k), putting money in a Roth IRA or traditional IRA, opening a 529 savings account, funding your flexible spending account (FSA), and maximizing your tax-exempt health savings accounts (HSAs).

If you would like to sit down with us to discuss how we can help you with your tax and accounting needs, contact us for a free consultation.