Business and Personal Filings
Thorn Financial Group is your source for Personalized, individual attention when it is time to prepare your taxes. Our staff has more than 20 years collective experience in making your tax preparation as quick, accurate, and painless as possible. From a simple 1040 to a complete corporate tax package, our focus is on making sure that you’ve taken the smart path to all of the deductions the law will allow without straying into dubious and audit-prone gray areas. Schedule an appointment for an initial consultation today and let us show you the personalized difference of Thorn Financial Group.
Properly incorporating and planning your business is a key element in reducing your corporate tax profile. Our expertise ensures that your business entities and accounting practices are supported by the best and most current information available. As quickly as tax codes are changing, you need an expert in your corner to keep you abreast of every new advantage and opportunity.
In addition to ensuring that your assets are passed on to those you intend, helping you reduce taxes is a major purpose of estate planning. New federal estate tax laws were established in 2001, bringing about a gradual reduction of estate taxes through 2010. Under current rules, taxpayers can exclude the first $1.5 million of an estate’s assets from federal estate taxes in 2004. This exemption increases to $2 million in 2006, and $3.5 million in 2009. The law also decreases estate tax rates. Currently, the top rate is 48%. This rate gradually decreases to 45 percent in 2007, and in 2010, the estate tax will be repealed. In 2011, however, unless Congress intervenes, the estate tax will revert to the pre-2001 tax structure, with a $1 million exemption and a maximum rate of 55%. While current tax law creates opportunities, it also requires planning vigilance. For instance, you may want to review your will and any trusts and rebalance assets to ensure that the division of wealth between you and your spouse and other beneficiaries remains as intended.