Business Services
Accounting Management Services
Bookkeeping
Bookkeeping involves the recording on a systematic basis of financial transactions and information pertaining to a business. This detailed and sensitive process of accounting keeps track of the, “who, what, when, where, why, and how much?” while providing reconciliations for verification.
Bookkeeping is responsible for everything being right, being in the right place, and ready for reporting, reviewing, analytical assessments, projections and planning.
Accounts Payable
Accounts Payable handles money going out, making sure that you never overpay your vendors, and late payment charges are never incurred. AP pays attention and looks for opportunities to save you money by taking advantage of vendor incentives and discounts, bundling offers and services, and finding and using other less-obvious options.
TDK makes sure that vendors are paid the right amount, on time, and that great relationships exist between you and your vendors.
Accounts Receivable and Revenue Tracking
Accounts Receivable is another vital responsibility, which creates and tracks invoices and money coming in. These duties can also include the unpleasant task of collecting outstanding invoices, terminating relationships, or salvaging and restructuring fragile, yet critical relationships.
Through TDK, your AR correctly monitors and controls a smooth, predictable income stream
Payroll Preparations, Reporting and Maintenance
Payroll involves more than most business owners can handle on their own when IRS, the federal government and SALT reporting and monitoring requirements increase. The overload is especially evident with new and complicated mininum-wage laws and the increase in hiring part-time employees. Our services can include:
- Quarterly and year-end tax filing and payroll reports
- Tax deposit services
- Preparation and distribution of W-2 and 1099 forms
- Checks or direct deposit services for employees
- Monitoring, reporting, and compliance with court-ordered deductions
TDK provides payroll services ranging from filing payroll tax forms to full-range services to handle the maintenance of updating employee information and handling court-ordered deductions.
Tax Management Services
Tax Planning, Preparation and Filing
Tax planning, preparation and filing for many business owners involves both their business and personal tax management. With TDK Financial, your tax planning and strategy is ongoing so you always know, and have control over, your tax position.
TDK’s tax management clients know that when it’s time to file, the work is already done, and they’ve been in control of the outcome.
Tax Compliance and Reform
Tax compliance and reform can get complicated. TDK stays current with tax laws, changes and reform throughout the year. Tax entities require businesses to file reports and returns on time, in the required formats and make any required payments. Taxing entities may not be aware of your failure to file reports and returns until enough red flags have been raised to get their attention. Back taxes, penalties and interests can be sudden and brutal.
TDK Financial is uniquely equipped to handle ongoing tax compliance and advise clients regarding any adjustments in strategies as tax reform continues.
Business and Personal Tax Coordination Strategy
Business owners have a lot in common. They value their freedom and independence and continually seek to gain more control over the success of their personal financial lives. Gone are the days when even a very small business owner could file their own taxes or be sure every business decision is tax-advantaged for their business, their family and their heirs.
TDK provides business owners and their families with tax management strategies to assure that every decision and solution is tax-advantaged, flexible and on-target with business and personal financial goals.
Taxpayer Representation Before the IRS
Taxpayer representation before the IRS is a unique specialty of TDK Financial. When dealing with IRS non-compliance issues, a taxpayer carries the burden of proving that the IRS is wrong. Facing the IRS without representation can be disastrous, and taxpayers have the option of designating someone else to represent them. Such representation must be authorized to practice before the IRS, such as an attorney, Enrolled Agent, or a Certified Public Accountant.
We are certified to represent you before the IRS under IRS Regulations contained in Circular 230 with both an EA and a CPA.
Terri McLain, EA, Accountant: “I’m an Enrolled Agent. This means I’m licensed at the federal level by the IRS and I have the right to protect and defend my clients’ rights in matters of IRS tax law and procedures.”
Nick Kiser, CPA: “I’m a Certified Public Accountant and can represent my clients subject to regulations of the IRS as a recognized representative regarding a taxpayer’s rights, privileges, or liabilities under laws and regulations administered by the IRS.”
Financial Management Services
Interpretation of Financial Statements and Reporting
Interpretation of financial statements and reporting would be impossible without accurate financials. Financial reports and statements are the product of well-run accounting practices and are the basic tools you require to do what you do best: make informed decisions and run your own business. There are certain decisions which require in-depth financial information, such as projects within your own business or another you plan to work with, or a business you view as a possible acquisition.
TDK provides in-depth analytical interpretations, evaluations, opinions and services to help you stay focused and make well-informed decisions.
Business Start-Ups and Entrepreneurs
Business start-ups and entrepreneurs step into a new world, even if they’ve been in business before or have other businesses. A new endeavor involves everything from the first idea to critical financial projections based on detailed (or vague) assumptions. Business structure and entity type can vary depending on the type of business or specific reasons for starting your business. Potential investors or lending, licensing or tax entities will require certain documents and financial reports.
TDK helps you make the best decisions, so your business begins in step and always stays aligned with your personal financial goals.
Mergers, Acquisitions and Valuations
Mergers, acquisitions and valuations work together. When presented with opportunities for business growth, guesswork and impulse can put your business at risk. Understanding, interpreting and projecting future activities based on financials provided by other businesses requires a level of knowledge that most business owners admit they don’t possess. A business valuation includes more than numbers and could require an analysis of a company’s management, capital structure, future earnings prospects, value of its assets, and more.
TDK Financial provides in-depth research, analysis and reporting to assist business owners, developers and investors in making highly-informed financial decisions.
Exit and Succession Planning
Exit and succession planning is the other side of the coin when entering or starting your own business. An exit plan gives a business owner a way to reduce or liquidate his or her stake in a business and, if the business is successful, make a profit. Succession planning is the process for identifying and preparing new leaders who can replace old leaders as they leave, retire or die. Lack of structured succession planning is one of the major causes of decline and failure in family businesses when key leadership is lost.
TDK Financial assists as new and established businesses build a purposeful and profitable exit plan, and guides family-owned business in structuring a plan to ensure the multi-generational health of their business.
Asset Protection
Asset protection is a strategy and financial planning to protect assets from creditor claims and other losses. Business owners use certain business structures and/or entity types to separate and protect business and personal assets and wealth. Businesses can also insure assets, both tangible and intangible. The type and size of your business greatly determines the protection, which is crafted usually by a financial professional, to best protect unique situations.
TDK Financial, with 37 years experience, and the certifications of EA, CPA, and Accountant, work with clients to protect business, trust, estate, and personal assets and wealth.
Employee Retention, Acquisition, and Benefit Plans
Employee retention, acquisition, and benefit plans help ensure the stability and security of your business, its employees, and owners and their families. Selecting, managing, reporting and auditing any of your benefit plans is no easy task. Regulations change and employees have questions. Retaining good employees and attracting new employees is essential to keeping your business strong and growing, and TDK can research your existing plans and help you select more or better plans to suit your needs. If yours is a family-owned business, benefit programs can be structured to coincide with your overall personal financial and retirement goals. Planning of this type assures your employees that you want the best-suited plans for everyone.
TDK can help you protect and secure your business, your employees, your family, and generations to follow.
Due Diligence, Audit, Advisory, and Reviews
Due diligence, audit, advisory, and reviews are some precautions and responsibilities taken by business owners in their roles as credible professionals and trustworthy individuals. Due diligence is the effort taken to investigate or audit an investment or product to confirm all facts before entering into an agreement or a financial act with another party. To do business with a business who requires and can attest to having completed due diligence is part of your due diligence.
TDK helps clients perform or seek out evidence of due diligence, and to confirm their own, or anothers financial health, reputation and legal standing.
Retirement Services
Plan Your Retirement
Retirement By Ages
Everyone requires a unique approach to financial planning based on where they are right now. According to recent surveys, the average American has nothing saved for retirement, or so little it won’t help. A 2018 study by Northwestern Mutual reports that 21% of Americans have no retirement savings and an additional 10% have less than $5,000 in savings.
TDK Financial has answers, options and solutions to help you plan for retirement and for those unplanned events that will always happen.
Transform Your Dreams Into Goals
Dream Big! The sooner, the better. Specifics will change, but the earlier you begin to dream of your perfect retirement, the more focused you’ll be to make it happen. By turning dreams into goals, the perspective and path to retirement become manageable.
TDK Financial can help you identify your goals and prepare a dynamic strategic plan to get you there from where you stand right now.
Map Your Way to Retirement
Begin your retirement plans from where you are right now and move forward, always monitoring and adjusting according to life changes:
- For people under 35, the median retirement account is $12,300,
- For those between 45 and 55, the median is $82,600,
- And for people between 65 and 74, the median is $126,000 and declining as people leave the workforce and begin spending their savings.
- TDK provides the opportunity for you to explore your retirement options with a ‘right now’ apporach and to take and maintain control of your financial future.
Discover Your Untapped Assets
- For those under 30, one fleeting asset you have is also the best reason to begin financial retirement planning now…time is on your side.
- By the time you’re 40, you’re entering peak years of earning power. Buckle up, make a plan and get going!
- When you hit 60, you’ve got what those whippersnappers don’t have yet. Use the wisdom of your lifetime to take control and make up for lost time.
TDK uses an intuitive, consultative approach to deliver a unique planning experience to integrate your life experiences into a cohesive strategy. All retirement plans are not created equal. Thankfully.
Preserve and Protect
Identifying All Your Assets
Knowing what your assets are and what additional assets you may have in the future is critical if you want to protect and use your assets to ensure the future of yourself, your family and your heirs. Together we’ll be able to make sound decisions regarding many important issues, including:
- Proper Insurance
- Asset Reallocation
- Pending or Expected Wealth or Inheritance
- Equity Assets and Intangible Assets
At TDK, we help you through the complicated process to identify, preserve and protect, and organize your assets. Then, together, we begin working on a comprehensive, cohesive plan to grow these assets.
Family Legacy and Continuation
Estate planning is one of the best ways to protect your wealth while you strategically promote growth. Solutions to ensure your ability to pass assets on to your heirs at the time of your death or provide a framework for continuation in the event you become incapacitated include:
- Your last will and testament
- Trusts: Living trusts and testamentary
- Business continuation, exit and succession
We help you prepare an estate plan to provide a strong safety net as you put into action your strategies to grow your assets into expanded wealth and security for you, your family and your heirs.
Controlling your Tax Liability Today and Into the Future
Proactive tax planning is vital to securing the safety of your growing assets. Minimizing your tax burden today at the expense of future tax liabilities and after-tax results can undermine your best intentions to protect and secure your future. Strategies include:
- Building tax-exempt and taxable portfolios
- After-tax investment earnings management
- Multi-State tax planning
- Maintaining flexibility to combat tax reform
We use our 37 years of experience, continuing education and intuitive understanding of tax management and tax laws to interpret cause and effect and apply that knowledge to continually adjust strategies according to your needs and goals.
Controlling Longevity Risk
Longer lifespans and the desire of retirees and future retirees to travel, enjoy their extended families and live safely without compromising the finances and lifestyles of loved ones, have made additional safeguards necessary. Some strategies are:
- Early estate planning that provides for personal and financial directives in the event you become incapacitated
- Investment asset mix that meets immediate and future needs
- Inclusion of annuities in IRAs and 401k plans
- Far-sighted, dynamic tax planning
- Long-term care insurance
- Coordination of Social Security participation and sustainable retirement withdrawals
TDK helps you plan now so that you stay on track and maintain control during incapacitation and a retirement that is being estimated could extend up to 30 years.
Growing and Managing Your Assets
Asset Recollocation and Distribution
- The amount of freedom and flexibility you want during your “working years”
- The responsibility you carry and debt you currently hold
- Your need of available money in the next year, and in the next one to five years
- Your goals involving business ownership and continuation, and your legacy
- When you realistically plan to retire, and level of physical care and safety you may require
TDK helps you prepare a balanced portfolio asset allocation which is diversified and structured to withstand and be rebalanced according to changes in your life, the economy and your goals.
IRAs: Traditional, Roth, SEP, Simple
As you drill down from the big picture into specifics, there are seven basic types of Individual Retirement Accounts (IRAs) that will come into the conversation. Whatever your age or circumstance, an IRA can become one of your most flexible, valuable, custom-made tools in your collection. Some of the many advantages include:
- Freedom and flexability
- Solutions for the youngest of investors to the oldest
- Options for various types of penalty-free withdrawals
- Abilities to build-it-yourself
- Provisions for business owners and employees to benefit
TDK Financial can help business owners, high net worth families, or other individuals who want more options to beef up their retirement, tax and overall financial planning.
401k Plans, 529 Savings, and Other Specialties
Many employees have the option to invest in a 401k retirement plan. These are one of the easiest, most convenient ways to save on a pre-tax basis and to provide additional funding through employer matching. However, high-income individuals and those who don’t want to settle for a cookie-cutter portfolio, look for additional goal and solution-oriented options. These include options such as:
- 529 Education Savings Plans that offer some new math to retirement nerds
- Health Savings Accounts (HSAs) which can give an unexpected retirement booster
- 403b plans are used by one in five US employees. They can get tricky, but aren’t as taxing, and could tip the scales to improve your overall plan, and shouldn’t be ignored.
We listen to our clients, understand their needs and help them take a holistic approach to their retirement planning.
Charitable Giving, Gifting and Private Foundations
Retirement planning is part of your overall financial life and estate planning, and will always include, at some point, giving and receiving. When these events occur, there are always tax implications for both sides to consider. Some of these to be considered in your retirement planning can include:
- Eliminating capital gains taxes by donating appreciated assets
- Considering your heirs by leaving them cash and appreciated assets while making charities the beneficiaries of your retirement assets
- Gifting (or call it living inheritances) given to children and grandchildren which can make your retirement even better
- Considering the options of gifting your children who have an income with a Roth IRA
TDK helps you look beyond the horizon of your own retirement planning, and into the healthy estate and legacy you are building for your heirs.
Personal Services
Your Family Circle
Growing and Protecting Your Wealth Legacy
Whether you’re just starting out or your family circle is now large and inclusive you want a plan to grow, manage and protect your wealth for today and tomorrow. These solutions can include:
- Education funding through expanded 529 Gifting
- Gifting, charitable giving and private foundations
- 401K, IRA and ROTH opportunities
- Insurance
TDK helps you reach your goals, inclusively minimize current and generational tax liabilities and protect your current assets and build and preserve wealth for future generations.
Estate Planning
Many people are uncomfortable and reluctant talking about death or feel they simply don’t have enough money or assets to warrant a will. Estate planning is much more. The result of your estate planning is a set of legal documents which provide the right people with specific instructions to be followed in the event of your incapacitation or death.
Estate planning is an essential part of your financial life if you plan on being in control rather than under control. Some solutions can include:
- Your last will and testament
- Trusts
- Insurance
- Durable power of attorney
- Living will health care directive
- Funeral instructions
- Information memo
TDK helps you prepare comprehensive estate planning which is an ongoing process to ensure that you remain in control of your life, wealth and assets while you’re alive as well as after.
Elder Care
Whether you’re planning for your own needs or caring for members of your family who are no longer physically, mentally or financially able to meet all their own needs, your TDK advisor can assist you. When faced with the duties of a fiduciary or executor, you may be stepping in with little experience with powers of attorney for an elder, voting rights, trusts, gifts, filing taxes, and family disagreements regarding your decisions.
- Your complete estate planning
- The emotional impact of change
- Putting together your perfect team
TDK brings extensive and cohesive knowledge to help you deal with family and other professionals as you handle these delicate and critical issues.
Due Diligence and Advisory Solutions
- The purchase of property: A real tax plus
- The job offer: Rainmaker or fall guy
- The new degree: Cost + Time = ROI
- The kids want help: Enabling or assisting
- The new business acquisition: Financials predict a storm
- The Lottery: You WON! Not too big, but now what?
- The wedding: Is the prenup a plus or minus?
TDK is your choice for expert financial information when you’re faced with making decisions, and you’re not sure if there are unasked questions or discoveries not yet uncovered.
Generational Finances
- Financial planning and consulting
- Retirement strategies
- Investment selection and management
- Tax planning and consulting
- Estate and legacy planning
TDK knows there are difficult decisions to be made and that’s just one reason we’re at your side, ready to help you make your best decisions.
Ensuring Your Insurance
Generations get older in groups and the size of those groups determine the quality, economics and marketing of insurance services. Controlling your insurance based on your specific needs and age is more important than ever before and Proactive is the name of the game, and the sooner the better. Services include:
- Reviewing your existing policies for overlaps or gaps
- Analyzing needs and assessing alternatives
- Working with your providers to implement your strategies
TDK helps you select insurance to meet your specific needs, so you control your lifestyle, career and financial decisions rather than allowing other people or employers to take away your control.
Your Family and Individual Taxes
Strategies to Withstand Tax Reform
Individual tax strategies begin with a solid understanding of your life goals and the acceptance of the fact that strategies must be flexible in relation to your own goals as well as ever-changing tax laws. Working with a financial and tax expert who intuitively understands and can interpret cause and effect and adjust strategies accordingly is your solution. Depending on your needs, our strategies can include:
- Education funding
- Multi-year tax projections
- Estate and gift tax planning
- Investment planning and capital gains
- Stock options and non-cash compensation strategies
- Multi-state tax planning
- Educating our clients
TDK’s tax management clients know that when it’s time to file taxes, the work is already done, and that they’ve been in control of the outcome and of their future.
Taxes are X Rated
Where do you stand with the IRS? Are you a child until you’re 26, but old enough to be a soldier at 18? What are the pros and cons when it comes to being married and together, yet separate and private when it comes to your finances and taxes? How are Social Security, VA and other retirement benefits affecting your tax burden? Depending on your needs, strategies and services can include:
- When and how to use estate management and trusts
- Community property and financial inequities
- Distributions from and contributions to retirement plans
Our work with each generation provides personalized, proactive tax planning and preparation to minimize tax liabilities and burdens through life while maintaining individual and family legacy planning.
Taxes and High-Net-Worth Individuals and Families
- Capital gains, gift and estate taxes,
- Asset transfer to charities or family members to minimize specific tax burdens,
- After-tax investment earnings management
- International tax considerations
- Rental property and vacation home planning
- Building tax-exempt and taxable portfolios
TDK Financial works with high-net-worth clients to develop strategies that focus on your after-tax results while remaining flexible as tax laws change and are re-defined.
The Changing Role of Tax Professionals
New and still pending tax laws, more complicated than ever before, require tax strategies that have the flexibility to change course throughout the year. More families see the need for highly skilled tax management far beyond the training of seasonal pop-up shops or big box store tax cubes. For your security and confidence, TDK:
- Maintains professional credentials for IRS Enrolled Agent and CPA
- Holds proper IRS Preparer Tax Identification
- Holds certification and license to represent clients under IRS Regulations, Circular 230
- Maintains continual investment in professional continuing education and industry resources
- Has over 36 years in tax management and preparation services
- Continues our long-standing, active membership in professional associations
TDK handles our clients’ ongoing tax compliance and management and is licensed to protect and defend our clients before the IRS in the capacity of EA and CPA certification under IRS Regulations.