Services - Banks Mountain Financial

Our Services

Our Services

TAX RETURN PREPARATION

Compliance with our ever-changing federal and state tax laws can be challenging to maintain. At Banks Mountain Financial, we handle the often-cumbersome maintenance of the tax return filing process for our clients.

We strive to simplify the tax document collection process, providing a secure online client portal to upload and store documents year-round.

We deliver returns and obtain signatures electronically, allowing us to e-file returns promptly.

We also securely store electronic file copies of clients’ returns for their direct and easy access when needed.

We prepare the following income tax returns:

Form 1040, Individual Income Tax Returns and Resident State returns
Non-Resident State Returns
Form 709, Gift Tax Returns
Form 1041, Income Tax Returns for Estates and Trusts
Form 1065, Returns of Partnership Income for Rental Real Estate and Investment Partnerships

Fees for tax return preparation range based on complexity and specific forms and schedules required. Upon review of your prior year tax returns, we will provide a fee quote.

TAX RETURN PREPARATION

We strive to simplify the tax document collection process, providing a secure online client portal to upload and store documents year-round.

We deliver returns and obtain signatures electronically, allowing us to e-file returns promptly.

We also securely store electronic file copies of clients’ returns for their direct and easy access when needed.

We prepare the following income tax returns:

Form 1040, Individual Income Tax Returns and Resident State returns
Non-Resident State Returns
Form 709, Gift Tax Returns
Form 1041, Income Tax Returns for Estates and Trusts
Form 1065, Returns of Partnership Income for Rental Real Estate and Investment Partnerships

Fees for tax return preparation range based on complexity and specific forms and schedules required. Upon review of your prior year tax returns, we will provide a fee quote.

TAX PLANNING

Anticipating future federal and state tax liabilities is often daunting, especially when experiencing life changes with tax implications. Yet the Internal Revenue Service and state taxing authorities require taxpayers to “pay-as-you-go”; and in some cases, assessing penalties when ample tax is not remitted throughout the year. We want to take the guessing game out of estimated tax payments or tax withholding adjustments.

Once we have completed our clients’ returns, we immediately look toward the next tax year, collaborating with our clients and their financial advisors, when necessary. These discussions ensure that we have considered all applicable tax saving strategies and have an effective plan to cover tax liabilities and mitigate penalties and interest charges.

We prepare:

Forms 1040-ES and Resident State estimated income tax payment vouchers
Withholding tax calculations on wage and retirement income
RMD tax projections
Tax Projections, as needed, to account for variables, including unexpected taxable income changes, large charitable contributions, bonus payments, inheritance receipt, etc.

Fees for quarterly tax estimates will be quoted with the preparation of the tax return. Other tax projections will be based on standard hourly rates. A fee quote will be provided upon discussion of the scope of the engagement.

TAX PLANNING

We prepare:

Forms 1040-ES and Resident State estimated income tax payment vouchers
Withholding tax calculations on wage and retirement income
RMD tax projections
Tax Projections, as needed, to account for variables, including unexpected taxable income changes, large charitable contributions, bonus payments, inheritance receipt, etc.

TRUST ADMINISTRATION and PLANNING

There are various types of trusts and it is essential to understand the terms which have been specifically identified in each trust agreement. We review original trust agreements to understand the unique nuances of the trust and the grantor’s intentions.

We work with trustees to plan for tax advantageous distributions to beneficiaries, assist with distribution and expense accounting and prepare tax projections that often factor multiple generations.

TRUST ADMINISTRATION and PLANNING

We work with trustees to plan for tax advantageous distributions to beneficiaries, assist with distribution and expense accounting and prepare tax projections that often factor multiple generations.

CONSULTING

Budgeting

Budgeting in daily lives, much less on an annual basis is not in everyone’s wheelhouse. From cash flow review to expense prioritization, we can help our clients better understand their financial status and plan for the future.

We help prepare young adults entering and exiting their college years for the management of their own finances. We also provide guidance on filing tax returns directly with the IRS and state taxing authorities, educating and equipping young adults with basic tax knowledge and tools.
We assist seniors preparing for retirement or a move to senior living facilities. It may be wise to review overall cash flow and determine a budget appropriate to these life changes.