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Tax Preparation Services

Individuals

Tax Preparation Made Easy for Families 

Attempting to do your taxes on your own can cost you money. Forget one possible deduction or write-off, and you’ll pay the price. But with our tax preparation services, you can rest easy knowing that you’ll get the largest refund possible.

Unless your financial affairs are extremely simple, it’s likely that you’ll benefit from the help of a tax professional. It’s too easy to overlook deductions and credits, of which you’re entitled, if you prepare only one return a year. Even the use of computer software is no substitute for the assistance of a seasoned tax preparer. McCoy Foat prepares hundreds of tax returns annually. We know what to look for and how to identify money-saving opportunities. More importantly, you’ll have a seasoned tax professional who will answer your questions and provide practical financial tax advice throughout the year.

Tax deadlines don’t have to be a source of stress. Simply send us your information. Then we’ll prepare your taxes and e-file for you. You’ll never dread another Tax Day again.

You have too much on your mind to deal with lengthy tax codes. That’s why you need the expertise of our CPAs.

 

Individual Tax Planning

Personal Tax Planning-

A certain mystique surrounds tax-planning strategies. Our goal is to dispel the mystery, while making sure that you pay no more than the law requires. We focus on several tax-cutting measures, including:

  • Splitting income among several family members so that more income is taxed in lower tax brackets.
  • Shifting income from one year to another so that it’s taxed at a lower rate.
  • Shifting deductions from one year to another to place them where the tax benefit will be greater.
  • Deferring tax liability through certain investment choices and through pension plan contributions.
  • Structuring your affairs to obtain tax deductions for enjoyable expenses, such as vacation homes.
  • Investing your money to produce income that is exempt from federal and/or state income taxes.

We continuously monitor tax law changes and recommend sensible adjustments, using a combination of tax-saving strategies tailored to your personal situation.

Business Tax Returns

Business Tax Preparation

We specialize in tax planning and preparation for sole proprietorships, partnerships, limited liability companies, and S and C corporations for businesses throughout Oregon. We understand how overwhelming taxes can be and we work hard to make it easier for you. With McCoy Foat as your partner, you’ll benefit from technical expertise, accuracy, leading-edge technology and excellent customer service. Through our comprehensive tax planning process, we help clients understand and control their tax-related expenses.


Other Services

Personal Financial Planning

Personal Accounting Services

If you’d prefer to focus on living, we’re happy to focus on your finances! Yes – we handle the usual stuff, like your annual tax return. But, unlike many CPA firms, we don’t stop there. We’ll also help you manage your big-picture financial goals and all the steps for achieving them. You can consider McCoy Foat your convenient, one-stop partner. We look forward to the opportunity to helping your life run smoothly. Click the links below to learn more about our services.

 

Estate Planning & Wealth Management-

Failing to plan for your estate can mean the government, rather than your heirs, will take a big cut of your hard-earned money. With a little planning, you can save thousands of dollars. We encourage you to keep track of how much your estate is worth. To figure it out, add up the value of all your assets, including life insurance. If the total value exceeds the exemption amount, it’s time to consider a few simple planning techniques that can save your family at estate time. In addition, we’ll help you understand how some effective estate planning ideas can also cut your current income tax bill.

  • Gifting – Current tax law allows you to give away $12,000 per year, per family member. Your spouse may join in the gift, even if he or she is not an owner in the transferred asset. This means that you could transfer up to $24,000 annually to each of your heirs. To double the annual exclusion yet again, you may want to include spouses of your children. The person receiving the gift does not need to be related to you. These annual gifts do not reduce your once-in-a-lifetime estate tax exclusion.
  • Property transfer – If you have property that is not needed for your retirement, maybe it’s a candidate for transferring during your lifetime. If it is a large income-producer, the future income will be taxed to the new owner and not to you, plus the property will be out of your estate.
  • Spousal transfer – Generally, unlimited transfers can be made to your spouse either during your lifetime or through your estate. There are generally no taxes on spousal transfers, regardless of size. But leaving everything to your spouse may not be a good idea, since doing so fails to utilize the lifetime exclusion amount in the estate of the first spouse to die. Planning will allow you to use the exclusion in both estates, and you’ll be able to transfer twice as much to your heirs free of estate tax.
  • Life insurance proceeds – Proper planning can ensure that certain life insurance proceeds are kept out of your estate

 

Retirement Planning-

Looking forward to retirement? We’ll help you achieve your dreams with smart, easy-to-implement financial strategies.

 

Investment Analysis-

While taxes should not drive your investment strategy, understanding how taxes affect your earnings helps you minimize taxes and maximize your return.

  • Capital gains carry a favored tax status. Consider putting more dollars in investments that return capital gains.
  • You can take an annual deduction of up to $3,000 of capital losses in excess of capital gains. Consider balancing your winners and losers to maximize this deduction every year.
  • Investments which produce high taxable annual income can be given to family members who are in lower tax brackets, thereby saving taxes from the overall family group.
  • Depending on your tax bracket, you may benefit from investing in municipal bonds.

We’ll review ideas with you and your investment advisor and make recommendations, like those referenced above, to maximize your after-tax return.

 

 

Other Business Services

Succession Planning

A succession plan allows your business to continue if you leave the business for any reason: your retirement, disability, death, or just your decision to move on. Failure to plan for an orderly transition can result in financial losses or even the loss of your business. McCoy Foat will design a comprehensive succession plan to protect you, your family, your employees, your co-owners, and your customers.

 

Corporate Turnaround Planning

If your business is in “the red” and you’d like it to be in “the black,” our turnaround strategies can take you there. We’ll review your accounting and operational processes to identify the key elements that are undermining your profits. We’ll then help you establish and implement profit-generating strategies.

 

Management Analysis

Is your team as efficient as it could be? Do you need to do more with less? Where there’s a will (and a little help from McCoy Foat), there’s always a way. Our production efficiency experts will review job titles, workflows and capacities to identify streamlining opportunities.

 

Forensic Analysis

McCoy Foat has earned a stellar reputation as the go-to source for forensic analysis and expert witness testimony. If you have a legal case that involves financial damages, McCoy Foat can help you reconstruct the circumstances to determine if the damages are valid and real, and their accurate value. We can also help uncover hidden assets in divorce and bankruptcy cases. Our sharp eyes, meticulous accounting practices and articulate opinions are often the added evidence needed to elicit prompt, reasonable settlements or favorable judgments. Ask us about our remarkable track record!


Commercial Financing and Lending Negotiation

Do you need capital to grow? Do you know the ins and outs of lending as they pertain to your industry? We can help you navigate your next move with sound advice about your capital structure and equity to debt ratio. We can also walk you through the steps to secure the most advantageous loans for your industry and circumstances.

 

Business Valuation

Do you know what your business is worth? If you’re like many business owners, the answer is most likely “no.” There are many instances when it’s important to determine the value of your company. If you’re considering selling your business or a product line, it’s important to know the value to prevent selling it for less than its worth. Business valuations are also a key component in estate or succession planning. Without knowing the fair market value of your business, there isn’t a way to ensure enough liquidity to pay taxes. At McCoy Foat, our Certified Valuation Analysts are qualified to appraise closely-held businesses, providing valuable information for your company’s transition

 


Accounting Services

Financial Statements and Corporate Financial Strategies

Financial Statement Preparation-

If you need comprehensive financial statements, we can help. We can also help you analyze your income and loss for any given period, and uncover hidden opportunities. Our simple, foolproof approach will help you strategically plan for the future, avoid costly penalties and meet banking and loan requirements. 

In-Depth Corporate Financial Strategies-

What’s your five-year plan? Failing to plan is a sure way to fail. We’ll help you hit your business goals on the mark with a practical, achievable plan. Whether you’d like to grow, expand or transition your business, we’ll outline the steps to get you there. And, as you plan for the future, we’ll help you evaluate your options for retirement – Will you walk away from your business, sell it or pass it along to the next generation? Many business owners don’t realize that they should be taking steps to add value to their businesses today, so they’re valuable and salable later on. We’ll help you through the integral part of retirement planning.

 

Accounting Services

Accounting

Nothing is more important to the financial health of your business than accurate financial information. Whether your accounting system requires a complete overhaul or just minor adjustments, we’re ready to help take your business to the next level. Our team of seasoned accounting professionals utilizes sound accounting techniques and best practices. We’ll make sure that you have the information you need to make informed decisions. 


We’re ready and willing to assist with any or all of your financial needs, including:

  1. Preparing financial statements
  2. Designing and setting up your accounting system
  3. Developing accounting policies and procedures
  4. Bookkeeping
  5. Filing payroll taxes
  6. Preparing budgets and projections
  7. Paying bills
  8. Reconciling bank statements
  9. Analyzing cash flow
  10. Establishing internal control recommendations
  11. Hiring and training your in-house accounting staff
  12. Analyzing buy/lease options for office space and equipment
  13. Selecting and implementing financial accounting systems

 

Cloud-Base Accounting Services

Do you want access to your accounting information anywhere, anytime? You don’t have your head in the clouds – but it is time you got your accounting services there.

Cloud-based accounting services give you the convenience you need to balance your financial issues with managing the rest of your life. At work, home, the gym or grocery store – any place at all – if you have access to the Internet, you have access to your accounting information.

Forget about paper that gets lost. Forget about slow hard drives that chain your information to one computer. Our cloud-based system has everything you need, all backed with the expertise of licensed CPAs.

Best of all, we make it very easy for you to get up and running with:

  • QBO set up and implementation
  • Selection of 3rd party apps for a customized solution
  • Consulting and training to ensure your QuickBooks system suits your unique needs

Bookkeeping Services

Let Our Certified QuickBooks Pros Keep Your Bookkeeping On Track

portland-bookkeeping-by-certified-quickbooks-pros

Quickbooks Consulting

If you don’t already have an accounting system in place, QuickBooks accounting software is user-friendly and economical. It’s ideal for small businesses with fewer than 50 employees and annual revenues of less than $5 million. McCoy Foat can walk you through the set-up process. Our certified QuickBooks Professional Advisors will train you step-by-step; giving tips, tricks and workarounds that will make you confident in your abilities and the accounting system. If you already have QuickBooks or another accounting system, but you’re frustrated by its functionality, we can help with that too! Our team is known for its ability to customize and streamline processes to meet clients’ unique needs, and we’re happy to train you and your team as needed

You need data, and you need it well-organized and easily accessed. That’s exactly what you get with bookkeeping by certified QuickBooks pros. Paperless workflow, reconciliations, inventory, bill payment, reviews and reports – it’s all available for you, so you can get on with business.

To see what our bookkeeping could do for you, try out the QBO test drive. If you want to learn more about QuickBooks, check out these tutorials.

Whatever your needs, we have a plan that’s right for you. Review our bundled service packages below to find the perfect fit.

Service Bundles

BASIC

  • QuickBooks Online Subscription Included
  • Less than 5 Bank/Credit Card Accounts
  • Paperless Workflow
  • Monthly Bank Reconciliations
  • Monthly Credit Card Reconciliations

PLUS

  • QuickBooks Online Subscription Included
  • 5 – 10 Bank/Credit Card Accounts
  • Paperless Workflow
  • Monthly Bank Reconciliations
  • Monthly Credit Card Reconciliations
  • Payroll Reconciliation
  • Monthly Updates to Inventory

PREMIER

  • QuickBooks Online Subscription Included
  • 11 – 20 Bank/Credit Card Accounts
  • Paperless Workflow
  • Monthly Bank Reconciliations
  • Monthly Credit Card Reconciliations
  • Payroll Reconciliation
  • Monthly Updates to Inventory
  • Industry Benchmarking Reports
  • Report Payroll
  • Bill Payment
  • Quarterly Review (Tax, Operations, Profitability)

A La Carte Services

  • Initial QuickBooks Set Up

  • Prior Period Cleanup

  • Quarterly Controller Review

  • Custom Chart of Account Creation

  • Customized Reports of PDF Packages


Send Us a Message

We would love to hear from you!

503-650-1040 info@mccoy-cpa.com

Get clarity on your tax and accounting situation