It is a reality that the more money a person or family has, the more complicated
their financial situation is: multiple bank and savings accounts, multiple credit
cards, multiple investment accounts for stock and bonds, multiple retirement accounts,
several real estate ownerships directly owned or through real estate investment trusts,
investments in friends and families’ small businesses, life insurance… The list can
be very long and the longer it is, the more complicated the person/family’s tax return
is and the more difficult it is to keep track of everything.
To make matters worse, when it comes to assets, it is imperative to keep many documents
until the asset is sold (or disposed of) and that can be many years, if not decades.
Not doing so can have serious tax consequences – as in paying too much in taxes.
Keeping track of financial activity is time consuming. “Do-it-yourself” software
such as Quicken and Mint.com are available but these require a lot of personal “TLC”
before the information becomes useful. A personal bookkeeper takes over those dreaded,
boring, time-consuming tasks of filing and keeping track of your financial activity
- we happen to love doing that. Each transaction is organized and analyzed to carefully
assess whether that transaction has a tax impact or not and under which “pot” it
Families that use our personal accounting service have found that they have the following
Receive a monthly report with their personal financial activity neatly organized
by stream of income/expenses
Receive a filled-out tax organizer ready to be sent to their CPA or tax preparer
Save money on taxes as every single deductible expense has been captured in the correct
Know that their statements are safely filed to be retrieved at any time and kept
Receive personal and meaningful advice from professional accountants who know their
Sleep at night because their financial affairs are in order just in case there is
If you are thinking, “gosh, I need this service,” you are also probably thinking,
“sounds great but that must be expensive!” The reality is that the service costs
often-time less than what you pay your cleaning lady. And, in many cases (not guaranteed)
the correct allocation of all the allowed deductible expenses make your tax bite
smaller and possibly small enough to pay for the service.
Now, you are thinking “how do I start?” Give us a call and we’ll discuss what it
will take to catch up this year’s information and how we will get organized going