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Income tax preparers are all different. Some emphasize their firm size and history, some talk about their credentials and experience and yet others promise you the lowest price for tax preparation. How does one choose the best tax preparer for their individual, business, nonprofit, or trust return?We think you should consider the following when you are trying to find a tax return preparer:
 
  • Qualifications are important. Tax regulations change all the time, and it takes resources to keep up with it all.  I am a certified public accountant who is required to take at least 40 hours of continuing professional education every year. I spend a lot more time than that on CPE and daily reading to ensure I am on top of regulatory changes and tax court rulings.
  • Mutual respect is essential. You should feel comfortable asking your tax return preparer questions about how they prepare your tax return without feeling intimidated. I enjoy answering your questions and educating you on your tax situation, and I equip you with steps you can take to lower your taxes next year.
  • Price is a key factor but make sure you know how comprehensive the tax preparation service is. Many tax professionals are missing in action between April 15  your engagement letter. Can you count on their help? Will they charge you to correct errors they made? If you call with a question, will you receive a bill for it? If you are looking for an income tax preparer who you can trust to file your taxes correctly and efficiently, and stand by you if the IRS comes knocking, you have come to the right place. I would love to meet you, answer your questions, and provide a quote. Just give me a call!
 
 
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News

SECURE 2.0: How does it Affect Retirement Plans?

Hayden Adams-Charles Schwab

As the clock wound down on 2022, Congress made some major changes to the rules governing retirement savings accounts. Among other improvements, the legislation known as SECURE 2.0 Act of 2022 pushes back the start of required minimum distributions (RMDs) for retirees, raises catch-up contribution limits for retirement plans, and makes workplace retirement plans more flexible.

Before getting into some of the highlights, it's worth noting that because this law passed at the tail end of the legislative session, many of the affected agencies and institutions haven't yet fully digested all the new provisions. Some of the law's wording still needs to be interpreted, and in some cases, financial institutions and plan managers may have even printed—and sent—year-end documentation reflecting the rules that existed before the law was passed. So, be careful when reviewing any material about the rules governing topics such as RMDs and retirement savings. It may take some time for all the changes in SECURE 2.0 to be fully worked out.

 

Now, here are some things to know about how these changes could affect those saving for retirement, as well as those already in it.

https://www.schwab.com/learn/story/secure-20-how-does-it-affect-retirement-plans?cmp=em-XCU

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CONTACT US:

R Michael Knighten​

Certified Public Accounant

9073 Helena Drive
Pike Road, AL 36064

 

mike@knightencpa.com
Tel  334-625-0301

 

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