Tax Planning & Preparation

Preparing your own tax return can be a complex and frustrating experience. The IRS estimates that taxpayers can expect to spend eleven hours preparing their 2020 tax returns. Aside from the time burden, frequent changes in tax law make it difficult to be sure you’re claiming all the deductions you may while maintaining compliance. The professionals at Boelman Shaw can put our more than 20 years of tax experience to work for you. To ensure quality and accuracy, our CPAs stay abreast of changes in tax law and review each return three times before submitting it to the IRS. We can handle any type of tax return, from simple W-2 earnings to highly complex business returns.

Investments, business ownership, and other variables can make tax preparation a much more complex process. Boelman Shaw makes filing your complex tax return more personal with one-on-one consultations with our senior tax professional. Dave Boelman will sit down with you to get a detailed picture of your finances, allowing us to identify areas for potential savings and greater tax efficiency and ensure your return is accurate and complete. 

Beyond Tax Day, Boelman Shaw can work with you to save on future years’ returns. Tax planning is critical for many taxpayers with complex returns. How you manage your income, investments, savings, and expenses can have a dramatic impact on your tax bill. Boelman Shaw can help you use current tax laws to your greatest advantage so you don’t pay more than you must.


Capital Gains

A capital gain refers to the profit realized from the sale of an investment. Long-term capital gains tax applies to assets that are held for more than one year before being sold. When an asset is held for a year or less, the gain from its sale is taxed as ordinary income, which is generally higher than the long-term capital gains rate. As a result, holding assets for more than a year can help minimize tax liability.


Tax-Efficient Investing

Whether you want to build wealth to fund your retirement, your children’s education, or the lifestyle you’ve always wanted, how you invest will affect your tax obligation. Boelman Shaw can help you identify investments that work to keep your tax bill lean.


Health Savings Accounts

If you’re covered by a qualifying high-deductible health plan, a health savings account (HSA) provides a way to get a triple tax advantage on medical savings. First, you set aside pre-tax income in a dedicated account for medical costs. Funds in the account then grow tax free, and if used for qualified medical expenses, withdrawals are also tax free. If you take withdrawals for non-qualified medical expenses before you turn 65, they’ll be subject to income tax and a 20% penalty. After that, you’re free to use whatever funds are left as you like, and withdrawals are taxed as ordinary income.


Paycheck Protection Program Loans

The rules around Paycheck Protection Program loans have undergone nearly constant change since the program began. Boelman Shaw can help you understand the spending guidelines and follow proper procedures for documenting and reporting expenses.


Business Services

Boelman Shaw can help you start a new business or provide tax and financial guidance for your existing organization. With experience in business structure, payroll, and bookkeeping in addition to tax planning and preparation, we can take these time-consuming tasks off your plate so you can focus on running your business.


Additional Information

For additional information, please see our resource page for the most up-to-date tax season information, changes, and other resources.

View Our Resource Page

Let us help plan your financial future.