Financial and Tax Consulting
Tax Planning
At LMD, we emphasize the importance of proper tax planning. Our goal is to maximize tax savings for both business owners and individuals. Our team will work side by side with you throughout the year to fully understand your tax situation. We mitigate “surprises” on April 15th by taking a proactive vs. reactive approach to tax planning.
Hindsight may be 20/20, but foresight is essential for tax planning. The design of a tax plan unique to your situation is the foundation of our tax planning strategy. We can assist you with your future tax planning needs to help prevent any tax surprises on April 15th.
Financial Statements
Financial statements are key tools used for making decisions in your business. Looking over raw financial data and financial statements can be overwhelming. You may want to view your statements in a format that is easier to understand. We typically track Key Performance Indicators (KPIs) for our clients. This allows you to see potential problems on your financials at a macro level which will lead you in the right direction for finding the micro problem. Another way to track your business’ financial health is to look at key ratios that provide indicators for the financial strength of your business.
Your financial statements compare historical to current data and allow for trend analysis. They provide you information on where the business has grown or shrunk in both revenue and expense areas. This information becomes the foundation for future decisions impacting your business. We can provide financial statement consulting for your business in the form of creating KPIs, ratios, trend analysis as well as translating your financial statements into every day English.
Personal Financial Statements
Just as financial statements are key tools for your business, your personal financial statement is the report card that shows in black and white if you are on the proper course to reach your personal financial goals. While often requested by a bank, the real value of these statements is to show you the assets you own and the liabilities you owe. This information can help guide your decisions to ensure your goals are met.
We recommend compiled personal financial statements on an annual basis whether or not a bank requires them. Monitoring your personal financial net worth annually will allow you to feel confident you are on the right path.
Estate Planning
We are on the brink of the largest intergenerational transfer of wealth in history. The baby boomer generation’s transition into retirement means more people are going to inherit more money than in all of history! The issues surrounding this are immense and impact your legacy and the well being of your family.
As you progress through life, your estate planning needs evolve. An outdated estate plan can cause confusion and emotional strain for your family in addition to creating unnecessary and substantial estate tax liabilities. We will work with you to clarify your goals and ensure your estate plan is current and provides the desired results.