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Tax Services
As regulations at the local, state, federal, and international levels change, our tax planning consultants are continually developing new tax strategies and amending existing tax strategies so that your organization can take full advantage of opportunities to reduce your tax burden.
Financial Guides
How To Prepare Financially For A Divorce
If you are considering divorce, it is vital to plan for the dissolution of the financial partnership in your marriage. Such dissolution involves dividing financial assets accumulated during the marriage. Further, if children are involved, future financial support for the custodial parent must be planned for. While it may not be at the top of your to-do list, taking time to prepare financially during divorce pays off in the long run.
Take Stock Of Your Situation
Assessing your financial situation helps you in two ways:
- It will provide you with preliminary information for an eventual division of the property.
- It will help you to plan how debts incurred during the marriage are to be paid off. Although the best way to deal with joint debt (such as credit card debt) is to pay it off before the divorce, this strategy is often impossible so compiling a list of your debts will help you to come to some agreement as to how they will be paid off.
- To take stock of your situation start by preparing an inventory of your financial assets:
- The current balance in all bank accounts;
- The value of any brokerage accounts;
- The value of investments, including any IRAs;
- Your residence(s);
- Your autos; and
- Your valuable antiques, jewelry, luxury items, collections, and furnishings.
- Make sure you have copies of the past two or three years' tax returns. These will come in handy later.
- Make sure you know the exact amounts of salary and other income earned by both yourself and your spouse.
- Find the papers relating to insurance-life, health, auto, and homeowner's-and pension or other retirement benefits.
- List all debts you both owe, separately or jointly. Include auto loans, mortgage, credit card debt, and any other liabilities.
If you are a spouse who has not worked outside the home lately, be sure to open a separate bank account in your own name and apply for a credit card in your own name. These measures will help you to establish credit after the divorce.
Related Guide:
For a system that makes it easy to organize and locate your records, please see the Financial Guide: DOCUMENT LOCATOR SYSTEM: A Handy Aid For Keeping Track Of Your Records
Estimate Your Post-Divorce Living Expenses
Assessing your financial situation helps you in two ways:
- It will provide you with preliminary information for an eventual division of the property.
- It will help you to plan how debts incurred during the marriage are to be paid off. Although the best way to deal with joint debt (such as credit card debt) is to pay it off before the divorce, this strategy is often impossible so compiling a list of your debts will help you to come to some agreement as to how they will be paid off.
- To take stock of your situation start by preparing an inventory of your financial assets:
- The current balance in all bank accounts;
- The value of any brokerage accounts;
- The value of investments, including any IRAs;
- Your residence(s);
- Your autos; and
- Your valuable antiques, jewelry, luxury items, collections, and furnishings.
- Make sure you have copies of the past two or three years' tax returns. These will come in handy later.
- Make sure you know the exact amounts of salary and other income earned by both yourself and your spouse.
- Find the papers relating to insurance-life, health, auto, and homeowner's-and pension or other retirement benefits.
- List all debts you both owe, separately or jointly. Include auto loans, mortgage, credit card debt, and any other liabilities.
If you are a spouse who has not worked outside the home lately, be sure to open a separate bank account in your own name and apply for a credit card in your own name. These measures will help you to establish credit after the divorce.
Related Guide:
For a system that makes it easy to organize and locate your records, please see the Financial Guide: DOCUMENT LOCATOR SYSTEM: A Handy Aid For Keeping Track Of Your Records
Cancel All Joint Accounts
Assessing your financial situation helps you in two ways:
- It will provide you with preliminary information for an eventual division of the property.
- It will help you to plan how debts incurred during the marriage are to be paid off. Although the best way to deal with joint debt (such as credit card debt) is to pay it off before the divorce, this strategy is often impossible so compiling a list of your debts will help you to come to some agreement as to how they will be paid off.
- To take stock of your situation start by preparing an inventory of your financial assets:
- The current balance in all bank accounts;
- The value of any brokerage accounts;
- The value of investments, including any IRAs;
- Your residence(s);
- Your autos; and
- Your valuable antiques, jewelry, luxury items, collections, and furnishings.
- Make sure you have copies of the past two or three years' tax returns. These will come in handy later.
- Make sure you know the exact amounts of salary and other income earned by both yourself and your spouse.
- Find the papers relating to insurance-life, health, auto, and homeowner's-and pension or other retirement benefits.
- List all debts you both owe, separately or jointly. Include auto loans, mortgage, credit card debt, and any other liabilities.
If you are a spouse who has not worked outside the home lately, be sure to open a separate bank account in your own name and apply for a credit card in your own name. These measures will help you to establish credit after the divorce.
Related Guide:
For a system that makes it easy to organize and locate your records, please see the Financial Guide: DOCUMENT LOCATOR SYSTEM: A Handy Aid For Keeping Track Of Your Records
If Your Spouse's Poor Credit Affects You
Assessing your financial situation helps you in two ways:
- It will provide you with preliminary information for an eventual division of the property.
- It will help you to plan how debts incurred during the marriage are to be paid off. Although the best way to deal with joint debt (such as credit card debt) is to pay it off before the divorce, this strategy is often impossible so compiling a list of your debts will help you to come to some agreement as to how they will be paid off.
- To take stock of your situation start by preparing an inventory of your financial assets:
- The current balance in all bank accounts;
- The value of any brokerage accounts;
- The value of investments, including any IRAs;
- Your residence(s);
- Your autos; and
- Your valuable antiques, jewelry, luxury items, collections, and furnishings.
- Make sure you have copies of the past two or three years' tax returns. These will come in handy later.
- Make sure you know the exact amounts of salary and other income earned by both yourself and your spouse.
- Find the papers relating to insurance-life, health, auto, and homeowner's-and pension or other retirement benefits.
- List all debts you both owe, separately or jointly. Include auto loans, mortgage, credit card debt, and any other liabilities.
If you are a spouse who has not worked outside the home lately, be sure to open a separate bank account in your own name and apply for a credit card in your own name. These measures will help you to establish credit after the divorce.
Related Guide:
For a system that makes it easy to organize and locate your records, please see the Financial Guide: DOCUMENT LOCATOR SYSTEM: A Handy Aid For Keeping Track Of Your Records
For Women: Maintain Your Own Credit Before You Need It
Assessing your financial situation helps you in two ways:
- It will provide you with preliminary information for an eventual division of the property.
- It will help you to plan how debts incurred during the marriage are to be paid off. Although the best way to deal with joint debt (such as credit card debt) is to pay it off before the divorce, this strategy is often impossible so compiling a list of your debts will help you to come to some agreement as to how they will be paid off.
- To take stock of your situation start by preparing an inventory of your financial assets:
- The current balance in all bank accounts;
- The value of any brokerage accounts;
- The value of investments, including any IRAs;
- Your residence(s);
- Your autos; and
- Your valuable antiques, jewelry, luxury items, collections, and furnishings.
- Make sure you have copies of the past two or three years' tax returns. These will come in handy later.
- Make sure you know the exact amounts of salary and other income earned by both yourself and your spouse.
- Find the papers relating to insurance-life, health, auto, and homeowner's-and pension or other retirement benefits.
- List all debts you both owe, separately or jointly. Include auto loans, mortgage, credit card debt, and any other liabilities.
If you are a spouse who has not worked outside the home lately, be sure to open a separate bank account in your own name and apply for a credit card in your own name. These measures will help you to establish credit after the divorce.
Related Guide:
For a system that makes it easy to organize and locate your records, please see the Financial Guide: DOCUMENT LOCATOR SYSTEM: A Handy Aid For Keeping Track Of Your Records
Consider the Legal Issues
Assessing your financial situation helps you in two ways:
- It will provide you with preliminary information for an eventual division of the property.
- It will help you to plan how debts incurred during the marriage are to be paid off. Although the best way to deal with joint debt (such as credit card debt) is to pay it off before the divorce, this strategy is often impossible so compiling a list of your debts will help you to come to some agreement as to how they will be paid off.
- To take stock of your situation start by preparing an inventory of your financial assets:
- The current balance in all bank accounts;
- The value of any brokerage accounts;
- The value of investments, including any IRAs;
- Your residence(s);
- Your autos; and
- Your valuable antiques, jewelry, luxury items, collections, and furnishings.
- Make sure you have copies of the past two or three years' tax returns. These will come in handy later.
- Make sure you know the exact amounts of salary and other income earned by both yourself and your spouse.
- Find the papers relating to insurance-life, health, auto, and homeowner's-and pension or other retirement benefits.
- List all debts you both owe, separately or jointly. Include auto loans, mortgage, credit card debt, and any other liabilities.
If you are a spouse who has not worked outside the home lately, be sure to open a separate bank account in your own name and apply for a credit card in your own name. These measures will help you to establish credit after the divorce.
Related Guide:
For a system that makes it easy to organize and locate your records, please see the Financial Guide: DOCUMENT LOCATOR SYSTEM: A Handy Aid For Keeping Track Of Your Records
Division of Property
Assessing your financial situation helps you in two ways:
- It will provide you with preliminary information for an eventual division of the property.
- It will help you to plan how debts incurred during the marriage are to be paid off. Although the best way to deal with joint debt (such as credit card debt) is to pay it off before the divorce, this strategy is often impossible so compiling a list of your debts will help you to come to some agreement as to how they will be paid off.
- To take stock of your situation start by preparing an inventory of your financial assets:
- The current balance in all bank accounts;
- The value of any brokerage accounts;
- The value of investments, including any IRAs;
- Your residence(s);
- Your autos; and
- Your valuable antiques, jewelry, luxury items, collections, and furnishings.
- Make sure you have copies of the past two or three years' tax returns. These will come in handy later.
- Make sure you know the exact amounts of salary and other income earned by both yourself and your spouse.
- Find the papers relating to insurance-life, health, auto, and homeowner's-and pension or other retirement benefits.
- List all debts you both owe, separately or jointly. Include auto loans, mortgage, credit card debt, and any other liabilities.
If you are a spouse who has not worked outside the home lately, be sure to open a separate bank account in your own name and apply for a credit card in your own name. These measures will help you to establish credit after the divorce.
Related Guide:
For a system that makes it easy to organize and locate your records, please see the Financial Guide: DOCUMENT LOCATOR SYSTEM: A Handy Aid For Keeping Track Of Your Records
Driven by Purpose, Powered by Impact
We can help you setup and maintain your non-profit organization’s tax-exempt status by handling all the IRS reporting for you. Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items.
Income Statement
Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent...
Balance Sheet
Balance Sheet with specific categories like cash, accounts receivable, accounts payable...
Functional Expense Statement
Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
Individual Expense Summary
Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
Revenue Support Schedules
Revenue Support Schedules that detail the organization's sources of income in specific categories like charitable donations, membership fees, investment income.
Individual Expense Summary
Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
Opportunities That Inspire Growth
Empowering Talent, Building Futures
We are dedicated to providing opportunities that inspire personal and professional growth. By nurturing talent, encouraging continuous learning, and fostering a culture of innovation, we help individuals thrive and achieve meaningful success in their chosen career paths.
