—
As part of the updated service, the firm strategically places funds in a retirement account and creates a current tax deduction for funding it. Associates in Accounting helps clients optimize their tax situation, especially at the beginning of their retirement planning. This includes designing and developing a specific retirement plan with transparent financial milestones, such as determining the desired funding the client wishes to pursue for a particular year.
More details can be found at https://associatesinaccountingcpa.com/
While every client has a different retirement plan, Associates in Accounting generally follows four steps. The first is to determine the employee census info for the business owner and the second is to determine the types of available retirement plans, given the client's budget. Larger organizations with multiple employees may require additional services outside of the scope of an accounting firm. For these cases, the team may request the assistance of a third-party administrator (TPA) who can advise the client on possible plan structures that can be used for funding. Associates in Accounting specifically works with Elizabeth Rankin, CPA, an experienced 401(k) TPA with 30 years of experience.
From there, the retirement planning CPAs at the firm work closely with clients to guide them in picking a specific plan structure that best suits their goals. The CPAs illustrate how the plan would be funded and provide initial calculations on its tax savings and deductions. This step may take several weeks to refine to ensure that clients fully understand their business retirement plan and how it will affect their tax situation.
Once the client is happy with the calculations, the team executes the plan and provides a dedicated financial advising partner for investment, who will also finalize the entire planning process.
“Tax reduction is great, but overall financial goals are ultimately more important. Getting a senior partner involved in helping with these types of planning issues is a great way to make sure all of the possibilities are being properly explored,” says Rick Fields, CEO of Associates in Accounting.
Interested parties can find more information by visiting https://associatesinaccountingcpa.com/
Contact Info:
Name: Melissa Hayes
Email: Send Email
Organization: Associates in Accounting, CPA
Address: 9405 Mill Brook Road Suite 102, Louisville, Kentucky 40223, United States
Website: https://www.associatesinaccountingcpa.com
Release ID: 89144429