Specialized Tax and Financial Planning For New Parents
Having a child is not only a major milestone in your life, but also an important pivot point in your financial life. Between the sleepless nights and all the time you spend with your young children, it is hard to find the time to do the proper tax and financial planning. However, this is the time when planning becomes most important.
Children Increase Complexity and Importance of Planning
With children, you have the added complexity of child care expenses, buying a larger home and saving for college. This stage in life is also commonly linked with potential career changes and more complexity in your taxes and finances. Below is a list of some of the common questions that new parents have:
- How should I handle nanny taxes and dependent care expenses?
- What is the most tax efficient way to save for college?
- How much house can I afford and which housing expenses are deducible? (Not all mortgage interest and real estate taxes are deductible!)
- Should I refinance my mortgage?
- Have I taken every legal deduction that I am entitled to?
- With all of my new child related expenses, am I saving enough for retirement?
- Can I afford to live in the city and how much would I save in taxes by moving?
Technology Combined With High End Planning Advice
Our tax service caters to new parents who have limited time, but still need high end planning. While you are welcome to visit us in person (and bring the kids in), we realize that is not always practical and allow our clients to upload all files, sign and file electronic returns, while being able to email and call us to discuss planning at your convenience.
Also we include financial planning consulting as part of our tax service, which is inextricably linked to taxes. Many of our "new" parent clients have been with us for over 10 years and it has been fun to watch their families grow and see the tax and financial planning help them reach their goals.