Welcome to Riverside Income Taxes LLC

Tax Planning

Tax Planning is strategizing to minimize your taxes with legitimate tax planning opportunities:

For the current year, because you are having an unusually high-income year
In consideration of a lifetime of paying taxes

Tax Saving Opportunities that are often present:

Capital Gain/Loss planning – This could include minimizing the impact of a significant capital gain because of the sale of an appreciated piece of property or taking advantage of losses if the stock market has declined
Consideration of qualified charitable distributions (QCDs) to reduce the taxation of retirement RMDs – required minimum distributions.
Consideration of contributions to a donor-advised fund to obtain a tax deduction for charitable contributions
Reviewing Roth versus pre-tax or Traditional contribution options to employer-work-related plans or to IRAs
Roth conversions discussions and calculations

Special situations that may benefit from tax planning:

When moving into retirement – do you understand the impact taxes will have on your cash flow? Ensuring that withholdings from the various sources of income are accurate to prevent a large tax bill in the first year of retirement. Reviewing the various types of accounts, you can plan for distributions that minimize long-term taxes to be paid.
When getting divorced, what is the future or present tax liability attached to each asset, or what are the potential tax savings because of various tax credits that may come with claiming dependents?
When planning how to divide assets upon your death, which ones have future tax liabilities attached to them? We can review your estate plans to make sure you understand the tax liabilities attached and assist you in minimizing them.
For executors and trustees – the timing of when to distribute assets to beneficiaries can make a difference in the taxes paid by the estate/trust versus those being paid by the beneficiaries.

Tax Preparation:

We Are Not Accepting New Tax Preparation Clients At This Time

Our tax preparation services are limited to existing financial services clients.

We prepare:

Quarterly estimated tax payments for those who need them
Individual federal and state income tax returns
Corporate, partnership and LLC income tax returns
Estate and trust income tax returns
Gift tax returns

Financial Coaching

We provide assistance:

To stop living paycheck to paycheck
To create a spending plan that you can live with
To help you reduce your debt
To create a savings plan for immediate needs and future goals
To understand how to create and stick to a budget

Financial coaching is all about you gaining the skills to improve your financial life and being accountable while developing those skills. This is a personalized program tailored to your unique situation, although we do have some tried-and-true methods that we all benefit from. This is not a one-and-done meeting—a time commitment that may last more than a year, depending on where you are starting from.

You are welcome to schedule a one-hour, no-cost consultation to learn more about this program.

Small Business Consulting:

We can help you determine what type of business entity you should use. We can also help you understand tax requirements for your business.