Gift and Estate Tax Planning
If you gave gifts in 2007 or will give gifts during 2008 in excess of $12,000 to any one individual, or if your total personal assets collectively exceeded $2 million dollars in 2007, you need to consider gift and estate tax planning. With the right gift tax strategy, it is possible during a single tax year to give a gift that exceeds the $12,000 threshold without paying gift tax. However, this requires advanced planning. This area of taxation is volatile, with constant and numerous tax law changes. Planning is an ongoing process of developing a tax strategy and continuously reevaluating that strategy to remain compliant with the gift and estate tax code changes.
We at Albin and Associates Accounting work closely with our clients and their legal advisors to ensure their assets are protected with the best possible decisions. We want to ensure that our clients retain as much as possible of their hard-earned wealth for the benefit of their family and future generations.
Individual taxpayers often need professional tax return preparation and sometimes, representation before the Internal Revenue Service regarding a previously filed tax return. Albin and Associates is here to help.
Residing abroad? If you’re a U.S. taxpayer residing overseas, you are still required to file and pay U.S. taxes on all of your worldwide income. If you are searching for a professional to review personal financial decisions with you to help identify alternatives and weigh the tax consequence of each choice, contact us at Albin and Associates.
Business taxpayers can require bookkeeping services and/or compiled financial statement preparation, or assistance in preparing quarterly employers payroll tax reports. Albin and Associates can help with these and the computation of the payroll tax liability. Is your business faced with a difficult decision that will have a material impact on its profitability? We can help sort through the quagmire and bring focus to the important aspects of the decision. Our professional analysis of the problem will make the decision an easier one after the important components are identified and examined. Consult with us; you won’t have to make these decisions alone.