Our Services

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.

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.

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.

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

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 3^rd party apps for a customized solution
• Consulting and training to ensure your QuickBooks system suits your unique needs