Heslep Tax and Wealth Advisors

Heslep Tax and Wealth Advisors Willis Heslep provides: Retirement Tax Planning and Tax Preparation and Financial Planning.

Tax Planning and Tax Prep, Retirement Planning and Investments, Social Security Maximization, Medicare Plans, LTC, Life Insurance and Annuities, Gold and Silver.

10/22/2024

Article By CNBC Don't wait to find a tax preparer for 2025: Why one expert would '100% recommend starting now'.
If you need a preparer for the 2025 filing season, now is the time to start looking, experts say.
However, vetting is important because there are no federal licensing or competency requirements, and some paid preparers have no training or experience.
You can start with referrals and double-check credentials through the IRS and state licensing websites. If you need a tax preparer for the 2025 filing season, now is the time to start looking, experts say. Finding a preparer could take longer amid the industry's staffing shortage, particularly for areas of specialty expertise, such as cryptocurrency or international taxes.
"I would absolutely 100% recommend starting now," said Elizabeth Young, director of tax practice and ethics for the American Institute of CPAs. "Don't wait until the beginning of 2025."
"If you wait until January or early next year, it may be too late," Young said. Here are some key things to know before hiring a tax preparer for the 2025 filing season.
Most tax preparers don't have credentials. NONE.
Despite the talent shortage, vetting is important because "pretty much anyone can call themselves a tax preparer," Young said. The IRS receives more than 160 million federal tax returns every year and most come from paid preparers, according to the National Taxpayer Advocate's 2024 Purple Book of legislative recommendations.
There are no federal licensing or competency requirements, and some paid preparers have no training or experience, the report noted. Under current law, the minimum requirement for paid professionals is an IRS-issued preparer tax identification number, or PTIN.
However, certified public accountants, enrolled agents and attorneys — professionals with unlimited representation rights before the IRS — generally pass competency tests and have continuing education requirements. (I - Willis Heslep - passed all 3 IRS EA Exams and must complete 72 hours of CE every 3 years).
How to vet your tax preparer
Unlike big box preparers, many tax professionals don't accept walk-in traffic and operate mainly by referral, according to Tom O'Saben, an enrolled agent and director of tax content and government relations at the National Association of Tax Professionals.
"Talk to your friends and associates who have had a good experience with their [tax] professional," he said. "Reach out to them now to see if they're taking new clients."
You should also weigh fee structure and availability outside the traditional tax season, which you may need if issues arise, Young said. "Cost is a big factor, but it shouldn't be the only basis for your decision."
The IRS keeps a database of credentialed preparers, including those who participate in the agency's Annual Filing Season Program, which includes yearly refresher tests and continuing education. (search for me - Willis Heslep - by Enrolled Agent and Zip Code 28273 and my last name).

10/21/2024

Tax Efficiency Mastery for Financial Success (Kiplinger)
Ah, taxes. Except for certified public accountants (CPAs) and masochists, nobody enjoys thinking about taxes. But shoving your head in the sand and just doing the bare minimum to be compliant isn’t going to reap the financial rewards of true tax efficiency. As you build your wealth, tax considerations are going to become more important in protecting your earnings and staying in good standing with tax authorities. Here’s what you need to consider and prioritize as you progress in your financial journey.
Tax preparer vs tax planner
For individuals with modest incomes or finances that are relatively straightforward, it might make sense to prepare your own tax returns. After a certain point of complexity, however, you’re going to want to find a Preparer to get you the most accurate tax return and help ensure that deductions are taken in the most advantageous way possible.
The problem arises when you assume that just because you have a CPA preparing your return, tax strategy is included in the service. As a general rule, the job of a tax preparer is to submit an accurate tax return. They may offer advice here or there — such as a suggestion to create an S-corp rather than running all business income through a Schedule C — but a comprehensive tax plan is rarely included with an annual filing.
If you want someone to truly dive into your business and personal finances and see what changes you need to make for impactful, long-term tax advantages, you’re going to need to specifically engage with a professional for tax planning services (see my credentials below). These tax experts can range in qualifications from CPAs to IRS Enrolled Agents to tax attorneys to certified tax planners.
When choosing a tax advisor, it’s important to be picky. There are a lot of shady individuals in the industry who will happily cross the line from aggressive tax strategies to blatantly illegal actions. Asking for referrals among like-minded business peers is a good place to start.
And when selecting a tax planner, be prepared for sticker shock. For high-dollar individuals and businesses, tax planning services can easily run into the tens of thousands of dollars every year.
However, if that tax planner ends up identifying a state film credit, a regional opportunity zone and a way to minimize self-employment taxes through business entity reclassification, the seemingly outrageous fee can easily pay for itself several times over. So before you get offended at the fee schedule, consider whether the return on investment (ROI) might be worth it.
Willis Heslep
IRS Licensed Enrolled Agent, American Institute of Certified Tax Planners, Main Street Certified Tax Advisor, BBS, MSA, Certified ISMA Tax Advisor, Certified Tax Acuity Advisor.

10/16/2024

Americans Feel Poorer because they are POORER
(Citing a new report from the Brownstone Institute)
"However, no discussion about the economy is complete without mentioning inflation. Besides the price of groceries, prices for home insurance, medical insurance, utilities, and property have all risen dramatically. Citing a new report from the Brownstone Institute, Jeffrey Tucker says "inflation has run twice the rate of government numbers. Instead of losing 20 percent of value over four years, the dollar has lost fully 40 percent of value." And this problem is only going to worsen so long as the Federal Reserve continues to print out dollars with abandon.

So yes, Americans feel poorer—because they are poorer. And the only way out of this predicament is to cut spending, deregulate commerce and industry, and close the border, not print more money, raise taxes, and expand government programs."

The dollar has lost 40% of its value - that means everything is so expensive because we are not getting a dollars' worth of goods for a dollar we are only getting 60 cents worth of goods.

09/15/2024

I am reading that inflation on all products across the spectrum has dropped to 2.5% -I want to know how they could possibly come out with this number - eggs were 2x higher than previously - a half gallon of half and half was $6 not the $3.58 it used to be - a 5 pound of packaged ground beef was $22 not $14. All the packaging for products has shrunk but the price has increased. Restaurant food prices are higher and you get less food on the plate. I have not seen prices drop for anything except gas - that was lower by 6 cents a gallon - not a significant drop at all. Worst of all insurance prices have gone through the roof for home and auto coverage and mine are now double what they were a year ago. A vehicle that was $35k is now $48k to purchase. Crazy inflation. Throughout all my education and certifications, I was taught "math don't lie" but I guess that is only true if our government is not doing the math.....

08/23/2024

Thank You to every for all the birthday wishes and nice comments!

05/15/2024

Wait - it is not CORPORATE GREED like we have been told??

"Of course, the inflation crisis was not limited to just a few key sectors. It was economy-wide.

When zooming out and looking at markups across the economy, the SF Fed economists found little evidence that price gouging was the main culprit.

“Aggregate markups – the more relevant measure for overall inflation – have stayed essentially flat since the start of the recovery,” the paper concluded. “Rising markups have not been a main driver of the recent surge and subsequent decline in inflation during the current recovery.”

Inflation is caused by the government printing and putting into circulation money the government does not have - therefore the value of the dollar decreases - the result is called inflation.

Because of inflation the cost of all products and services must go up to keep a business IN BUSINESS - because the businesses costs have gone up (mine have gone through the roof - from rent to software to insurance) - so the consumers cost to purchase goes up.

Business must stay in business to provide jobs to everyone. Most business owners are just getting by they are not buying yachts and Lamborghini's. Most are in survival mode.

05/01/2024

For those of you who are local to my office - I have moved from suite 130 to suite 113 - still in the process. Internet and phone don’t get moved until the 10th 🙁.

04/01/2024

Seems like the time went by so Quick! Tax season has only 14 days after today to the end! Don't wait or procrastinate!

02/22/2024

We need term limits for House and Senate and we need the right to vote on any foreign aid funds before any money is sent out of our country WITHOUT OUR CONSENT.

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9635 Southern Pine Boulevard Ste 123
Charlotte, NC
28273

Telephone

+19802995362

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