Rea & Associates

read moreTax planning and preparation are our central focus, so it's our priority to provide you with not only our specialized expertise, but also peace of mind. We deliver our best work every time by utilizing our highly-qualified staff, staying current on the latest tax laws and getting to know you personally. This proven combination builds trust and promotes your success. As a Rea & Associates client, you enjoy exclusive use of our extra-secure Online Portal to access your financial data. Log on at any hour of the day or night to view or print your tax returns.

read moreYes! Rea & Associates incorporates accuracy, expertise, timeliness, friendliness and fun into everything we do. From the time we first talk with you, you'll be warmly welcomed into our family. In our quest to earn your loyalty for life, we'll do everything we can to help you feel appreciated, cared for - even a little spoiled. This site is an extension of our ongoing commitment to you. Come on in! To truly understand our motto: "Rea & Associates – Where clients become family, " you need to know about our firm, our history, our philosophy and our mission statement.

read moreApril 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail? Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.

read moreThe first thing to do is bargain shop to make sure that the rates you are getting are reasonable in comparison to other companies. Within the policy that you have, these are a few tips that could save you a few bucks. You will need to have liability coverage, property damage, and bodily injury. This way you will be protected if you are at fault and cause damage to a person or their property. It is recommended to have $300,000 per accident to pay medical costs and other costs that may be affiliated.

read moreIt depends on factors such as 1) what kind of deal you can make with the dealership, 2) the typical mileage you put on your car, 3) how much you wear down a car, and 4) the primary use for the car. To determine whether leasing or buying is best, compare the costs and other issues involved in a lease or purchase. You first need to decide on the type, size and options of the car you would like (such as manual, automatic windows, airbags). You then need to decide what the car dealer has to pay for the car of your choice - the "invoice cost".

read moreFollowing are some generally recognized financial planning tools that may help you reduce your tax bill. Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value. Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.

read moreThe first step is to figure out a realistic financial goal for yourself and your family. Talk with your loved ones to ensure that everyone has the same goals in mind. Clearly not all families will have the same end goal - figure out what is important to you, whether it is early retirement, financial comfort, children's education, travel, taking care of elders, or your children. Someone starting their savings in their early 20s can save 10% of their income and have a sufficient nest egg, while someone starting in their 40s may have to bump that number up more towards 20%.

read moreThe process of passing a family business onto the second generation is so difficult that not even a third of them survive. Beyond that, roughly half make it to a third generation. In a normal day in the U.S., 40 percent of businesses are confronted with a change of owners. Those who have founded the companies are struggling to find remedies, but there aren't many options. These are the four key points to a successful business transfer. They basically guarantee a transition for years to come within your family when implemented correctly.