Tax Planning and Preparation

Are you paying too much in taxes?

Paying taxes is inevitable, but paying too much is absolutely avoidable. 


As you plan for retirement or draw retirement income, understanding your tax burden and receiving accurate calculations is of the utmost importance.


Your retirement future is too critical to entrust tax planning to big-box franchise tax prep services or DIY tax software! The value of professional tax preparation by a retirement planner cannot be understated.

Tax preparation services

Waterstone Financial provides professional and affordable tax preparation services. 


Our comprehensive retirement, tax and income planning proficiency will become evident as we work together to establish a deeper business relationship. This is a no-obligation, no-strings-attached way to get to know us better while having your taxes professionally prepared.


As well as completing the tax returns, we analyze prior returns and investment portfolios to identify tax consequences and evaluate the future to see what can be done to reduce income tax obligations. 


With effective analysis and planning we have saved our clients thousands of dollars in taxes each year. In one recent case, we discovered a $28,000 overpayment error and facilitated recovery of the entire sum for the client.


For customers with more challenging situations, we are aligned with several local CPAs who work directly with us to optimize your tax situation. You need to feel confident that the amount you pay has been minimized.

Frequently asked questions about tax planning

  • Does a Roth IRA Conversion always make sense? Is it right for me?

    Converting a Traditional IRA to a Roth IRA might make sense for many people, but it is not a strategy that applies to everyone. There are several situations that dictate if a conversion is a poor choice or financially advantageous.

  • Do Tax-Free or Tax-Deferred Investments sound better?

    There are investment choices that can be employed to reduce or avoid taxes, however, these investments may not be right for everyone. Careful analysis of financial impacts is a vital step in engineering a plan specifically for you. One of our greatest strengths is creating fully integrated tax and investment plans.

  • Missing deadlines for Required Minimum Distributions (RMDs) are costly!

    Missing an RMD deadline can result in a 50% Excess Accumulation Penalty from the IRS. Understanding RMD requirements, timing and accurate distribution calculations are critical to avoid unnecessary penalties.

  • Am I headed for an IRA Tax Trap?

    Individual Retirement Accounts can be a great way to save for retirement because of the tax benefits they may provide, however there are a number of hazards that can result in stiff penalties if you run afoul of IRS rules. Excess contributions, prohibited investments, premature withdrawals, rollovers, conversions and estate planning are just a few of the common considerations that have become traps for many people.

  • Am I calculating Capital Gains Taxes properly?

    Capital gains realized from the sale of stocks, bonds, precious metals and property differ from regular income in many ways. Navigating the varied taxation rates, consequences and changing tax code is a daunting tax for even the most experienced accountant. Simple mistakes can add up to costly penalties.

  • Must I pay taxes on Social Security Benefits?

    Several factors dictate if taxes must be paid on Social Security benefits. There are also many strategies to consider for reducing taxes on your benefits, and even maximizing the amount of your benefit.

Estate & Asset Protection