Prepared Financial Statement
The ability to have your firm participate within the Prepared Financial Statement has and will continue to be a gracious gift. An engagement to prepare financial statements is a non-attest service and does not require a determination about whether the accountant is independent of the entity nor does it require the accountant to verify the accuracy or completeness of the information provided by management or otherwise gather evidence to express an opinion or a conclusion on the financial statements or otherwise report on the financial statements.
The only substantive difference between a preparation and a compilation engagement are that in a preparation the accountant does not prepare a report and does not consider independence.
Retirement planning consists of providing you with the option available for saving funds for your retirement and monitoring their progress towards your retirement goals. This requires knowledge of your goals and periodic computations of the current situation. When retirement approaches, the focus of the planning shift to distributions. The tax law provides many options for distributing retirement funds . LCFS will help you understand your options, the related tax implications, and make recommendations consistent with your other goals and objectives.
College Financial Planning
Planning for college tuition for dependents incorporates many variables. Some of these are personal choices. Others are financial in nature, including tax-advantaged savings accounts, tax credits, and government programs. LCFS will help you determine the savings plan necessary to meet your goals and objectives and will advise you of the options available to you to save income taxes while paying for college costs. Remember that LCFS is familiar with the American Opportunities Credit as well as the utilization of 529 plans.
Personal Financial Planning
When one looks at a number that is the best number to have, what number is it that they all need to know? Net Worth is that imperative number that is critical to your successful financial literacy. We will help you identify the assets that you currently have less the liabilities that you currently have, and you arrive at the Net Worth Number.
Cost Segregation Studies
Buyers of Real Estate may be able to take a huge tax advantage from utilizing the timing of their depreciation deductions. There is a distinct advantage between tangible personal property (15 yr life to a 5 yr life), and and a buildings components (39 yr life). One may only begin to see the tax advantages of having a quality Cost Segregation Study. This something LCFS is available to assist you with the obtainment of the Cost Segregation Study.