Tax return preparation and tax planning services are provided by the accounting firm of Charles Benway CPA, who is also the managing principal of Main Street Financial.
When it comes to tax advice, most financial advisors will tell you to check with your tax advisor. With us you need to go no further.
We consider the tax implications of the investment decisions we make in your portfolio. Because of our involvement in both the tax and the investment aspects, we are often able to identify planning opportunities that often go unnoticed if you had separate advisors.
Here are just a few examples of how we do this:
- For one New York client, we sold some investments to take losses which reduced her adjusted gross income enough for her to qualify for the enhanced STAR exemption to lower her property taxes. We then reinvested the proceeds in similar stocks so her portfolio remained essentially the same.
- For another client who had unusually high deductions one year, we liquidated a very profitable investment, essentially tax free.
- We advised a client who normally writes a large check to a certain charity each year to donate shares of stock instead. She not only got her usual tax deduction but she avoided the capital gains tax on the stock profit.
Unless your broker communicates well with your accountant, these strategies would often go overlooked. With us, it’s all part of the service. Visit http://www.benwaycpa.com to learn more about our tax services.