practice tips

Neeraj L. Shah, Esq., MBA, CPA
(585) 388-8388

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Attorney Advertising Material
This website aims to give the description of two legally separate businesses, Shah CPA Firm, PLLC and Shah Law Firm, PLLC. Information regarding Shah CPA Firm, PLLC (the CPA firm) can be found at http://www.penfieldtax.com/the-cpa-firm.html. Information regarding Shah Law Firm, PLLC (the LAW firm) can be found at http://www.penfieldtax.com/the-law-firm.html. This promotional page is only meant as a convenience.

Tips for both CPA and LAW practices...

(July 6, 2019) Tackle Your Estate Plan Today! – Estate planning is often pushed off as a to-do item for many because it really doesn’t have a hard deadline like, for example, preparing your income tax return. A good estate plan is pretty comprehensive and includes a lot of moving parts. Even so, an individual can be very prepared if some of the more important tasks are addressed over the course of 3-4 years (don’t need to do everything at once). I would especially encourage the following: 1) incapacity planning (durable power of attorney and health care directive), 2) organizing your assets and liabilities (with ownership for each asset), 3) beneficiary designations (make sure this is current and not stale information), 4) legal documentation (will and trusts), and 5) identify people or loved ones to take on key roles (executor, trustee and guardian).

(June 28, 2019) Save for Retirement, but be Educated too! – For many, one of the largest assets for individuals is their retirement account. Usually, these dollars are in tax-deferred accounts such as a 401k or traditional IRA. We have seen balances soar in the last few years. Be careful, though - it is important to discount the account balance for the tax on anticipated distributions at retirement. Below is an interesting read on this subject. Keep saving everyone!!!

(May 20, 2019) Estate Planning Tips: Did you know that a substantial portion of most estates do not pass at death under a Will or Trust, but rather by either operation of law (i.e. how an asset is titled) or according to a beneficiary designation (i.e. retirement plans or your insurance policy)? It is important to review your beneficiary designations from time to time and make sure that they work in tandem with your estate plan. BTW, do you have an estate plan in place?

Get Your Important Contact Information and Documents in Order: Being an Administrator or an Executor of an estate is not easy. Take time to organize your life to make things easier for others. Collect important papers (i.e. insurance policies, marriage license, birth certificate, will, recent tax returns, trust), Title and financial information (i.e. home, car, credit cards, bank accounts, investments), Benefit information (social security, employee benefits), and Contact information (i.e. attorney, accountant, doctor).

(May 15, 2019) Retirement Contributions – If you’re still working, review the 2019 IRA contribution and deduction limits to make sure you are taking full advantage of the opportunity to save for your retirement. You can make 2019 IRA contributions until April 15, 2020.

(Mar 4, 2019) Missed the Tax Deadline for a Prior Year? Here are reasons you should try to file soon – 1) Avoid interest and penalties, 2) Claim a refund. Like Hammer once said, "can't touch this" or no refund if you are 3 years late, 3) Protect social security benefits, and 4) Avoid issues obtaining loans. Sometimes you need a completed tax return for other reasons (i.e. FAFSA). We can help.

If you owe more than you can pay? - You can request a 60-120 day relief to pay your balance through installments. Call 1-800-829-1040 to set this up.

(Feb 17, 2019) Update Your Beneficiary Designations! – When clients come to me for estate planning, they often think it begins and ends with the drafting of a will. While your Last Will and Testament is a critical component of the process, the starting point of your plan begins with the title of your assets and your beneficiary designations.

Beneficiary designation gives direction who will receive some kind of proceeds when you pass away. Places where you will need to think about beneficiary designations include: life insurance policy, retirement accounts (IRA, Roth IRA, 401k, etc.), or any bank or investment account.

Some people forget to list a beneficiary designation in the first place (that’s bad). Other people list the beneficiaries and forget who is listed as beneficiaries (and that’s equally bad). Most often, these beneficiary designations stand alone and can create awkward situations when a person’s family situation changes. Imagine if your ex-wife was listed on the beneficiary designation.

Don’t rely on the courts – make it clear from the document itself and update your beneficiary designations every few years (and especially if your family situation changes).

KEYWORDS: Neeraj Shah, Neeraj L. Shah, Neeraj, CPA, C.P.A., MBA, M.B.A., J.D., Esq., attorney, tax, law, estate planning, financial, legal, Rochester, Penfield, Fairport, Webster, Pittsford, tax preparation, tax prep, rochester tax preparation, penfield tax preparation, fairport tax preparation, webster tax preparation, pittsford tax preparation, perinton tax preparation, macedon tax preparation, walworth tax preparation, mendon tax preparation, canandaigua tax preparation, east rochester tax preparation, greece tax preparation, henrietta tax preparation, irondequoit tax preparation, rochester tax prep, penfield tax, rochester tax, 14526, 14625, 14580, 14534, 14450

DISCLAIMER: Attorney Advertising. This website is advertising material. The choice of a lawyer is an important decision and should not be based solely upon advertisements. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. You are invited to contact the office by phone, letters or electronic mail. Contacting the office does not create an attorney-client relationship. Please do not send any confidential information to the office until an attorney-client relationship has been established in writing. Top 5 neighborhoods that we serve for tax preparation in Rochester, NY are: Penfield, Webster, Pittsford, Fairport and the city of Rochester. Also serve for tax preparation in: Irondequoit, Henrietta, Macedon, Walworth, and Mendon.

OTHER SERVICES - Personal

retirement accounts (and associated required minimum distribution analysis)
property tax assessment consulting
long-term care planning

Practice Areas - Shah Law Firm, PLLC

ESTATE PLANNING

wills
trusts
health care proxy
estate tax planning
review life insurance policies
gift planning
probate
estate administration services

BUSINESS LAW

entity selection
entity creation (corporation, LLC, etc.)
drafting underlying documents
full transactional services

TAX LAW

audit representation
tax court representation
creating tax-friendly business solutions

April 15th Countdown!

For Long Island and Westchester County area Tax Preparation, visit our PARTNER pages:

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... SHAH LAW FIRM, PLLC

BUSINESS SUCCESSION PLANNNING

transferring closely-held businesses to next generation

MEDICAID PLANNING

asset reallocation

Practice Areas - Shah CPA Firm, PLLC

TAX SERVICES

income tax preparation - individual
income tax preparation - business
state income tax returns - all 50 states
sales tax
payroll tax
estate and gift tax; and trusts
tax planning
IRS or NYS representation

ACCOUNTING SERVICES

accounting
bookkeeping
payroll services
audits, reviews, and compilations

FINANCIAL PLANNING SERVICES

retirement and estate planning
business planning
debt counseling

OTHER SERVICES - Business

choosing the right entity for a new business
forming the new business
business succession planning
business sales and purchases
business valuation

Shah CPA Firm, PLLC - "a CPA firm that offers tax preparation and more"

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For Buffalo Tax Preparation, visit our PARTNER pages:

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Tax Preparation partners in the works include:

webster tax preparation

brighton tax preparation

gates tax preparation

Mi casa es su casa:

mytowntax.com for mi casa tax preparation

yourtowntax.com for su casa tax preparation

The owner of the firms, Neeraj L. Shah, has earned the C.P.A. designation and is admitted as an Attorney and Counselor at Law in all of the Courts of NYS and the U.S. Tax Court. Taken together, Neeraj is in the unique position to deliver a superior product. To provide the best product to its clients, one must fully understand all of the moving parts. Namely, 1) the government's ever-changing tax and estate laws, 2) an individual's assets, liabilities, and income streams, and 3) a person's goals and dreams. Neeraj offers clients a depth of knowledge, skill and business acumen that very few practitioners can match. [Neeraj's background and qualifications]

His clients know that they will receive personalized service and can rely on the firm for all of their needs.

Main Building off Penfield Road

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Attorney Advertising Material * CPA Advertising Material * With the designations of being an attorney and a CPA, we are proudly one of the most qualified tax preparation firms in Rochester, NY. Don't opt for an inferior product; call 585-388-8388! Webster tax preparation? We've got it. Fairport tax preparation? We've got that too. Yes, Pittsford tax preparation and of course, Penfield tax preparation. Top 5 neighborhoods that we serve for tax preparation in Rochester, NY are: Penfield, Webster, Pittsford, Fairport and the city of Rochester. Brilliant tax preparation in 14526 and 14625.

Neeraj Shah, Esq., MBA, CPA - call 585.388.8388, www.penfieldtax.com

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Cost effective solutions for all of your financial needs
Individual, Partnership, and Corporate tax solutions
Estate Planning and Closely-held Business solutions

Address and Contact Info

2033 Penfield Rd (in the rear of the parking lot; formerly 2041 Penfield Rd)
Penfield, NY 14526

Phone: (585) 388-8388
Email us at: neeraj AT penfieldtax DOT com

Directions from the Westside

FROM the west. Take 490 East to Exit 23, LEFT on Linden Ave (NY-441) towards Penfield. Continue on 441 for 4 miles. Linden Ave becomes Penfield Rd. Office is on the RIGHT side on top of the hill. 2033 Penfield Rd, Penfield NY 14526.

... you will pass the Penfield town line
... you will pass Five Mile Line Rd
... you will pass Baird Rd

... if you see the Penfield Wegmans, then you've gone too far!