Ramsay & Associates, Ltd - CPA

Products And Services

• About Our Business Services

  Our experts at Ramsay & Associates are committed to helping you build a solid financial future for your business by utilizing our comprehensive services and tools, which include: Detailed Business Tax Return Preparation that maximizes your bottom line by taking advantage of long and short-term opportunities provided by the ever-changing tax code. Financial Statement Services, ranging in levels of procedure and assurance from Reviewed Financial Statements, which require an in-depth understanding of your business and financial information — to Compiled Financial Statements, which offer a snapshot of the financial status of your business and provide valuable information for internal analysis and decision making. Accurate Bookkeeping Services that save time and resources, while allowing you to manage your business with confidence. With services to handle accounts receivable, accounts payable, general ledger adjustments, budget preparation and depreciation schedules, we keep track of your important business records with great attention to detail and provide the timely information you need to make important decisions. Payroll Processing & Payroll Tax Preparation — fully customized to fit your specific needs. If you choose to “do it yourself,” our experts can help you learn to make the best use of QuickBooks or Sage 50 (formerly Peachtree) software. Or, you can choose to have our Ramsay professionals fully manage your payroll while you manage your business. Our payroll services are simple, cost effective, secure and accurate. Brady and Associates Business Planning to help you plan and manage the successful financial future of your business. We offer a wide range of tools that allow you to grow revenues faster, base your decisions on logic, concentrate your business resources properly and increase your funds for marketing, expansion and product development. Tax Planning & Projections that affect many long and short-term decisions that you make as a business owner. Our experts offer a proactive approach to tax services by using cutting-edge technology and processes to stay current on new tax law and legislation. IRS & State Audit Help designed to provide you with a valuable strategic advantage when you need it most. Our experts at Ramsay help you understand the facts and resolve the situation as quickly and painlessly as possible. Business Consulting with Ramsay professionals, who are highly qualified to help you handle your many business challenges. Our experts will assist you with defining strategic goals, evaluating business operations, developing business plans and creating measurements to track your progress through Key Performance Indicators such as goals analysis, business strategy, monitoring and reporting, performance improvement and team building. Accounting System Setup & Support to take advantage of technology that can maximize the efficiency of your business with QuickBooks and Sage 50 (formerly Peachtree) accounting software. Business Valuation Services to help you estimate the value of a potential business for purchase or of your own business for sale. Benefit Plan Consulting to evaluate how various employee benefits will affect both owners and employees of your company. Experienced Succession Planning to help you plan the eventual transfer of leadership of your business to someone else. Ramsay professionals have the knowledge and expertise needed to prepare your business for a smooth, gradual transition and help identify the best strategy and preparation for selling your business successfully.

  Link: About Our Business Services

• Business Tax Return Preparation

  Tax law evolves constantly, and keeping up with it is a time and energy consuming process. Our team stays on top of all pertinent tax changes on a continuous basis, and we use this information to help our clients plan ahead and make decisions that ultimately position their businesses for financial growth and stability. You can rely on our experts at Ramsay & Associates to point out opportunities in the tax code that can benefit your business. One of the most important aspects of preparing your business tax return is careful attention to detail. While preparing your business tax return, our professionals take the time to cross-reference your general ledger to supporting documents. This helps us to ensure that the data on which the tax return is based is accurate, thereby providing you with an accurate tax return. If differences occur, we help correct your internal records. We offer a free review of the last two years of tax returns to look for errors or missed opportunities. Comprehensive Tax Services to Meet Your Every Need Corporations Corporations have strict reporting requirements and need supporting documentation. There is more to preparing a corporate tax return than entering the numbers in a tax software package. Ramsay experts attend continuing education seminars and maintain quality control standards to ensure the accuracy of your corporate return. IMG_3176.jpg LLCs and LLPs Reporting requirements for Limited Liability Companies and Limited Liability Partnerships are also rigorous, so accurate supporting documentation is also necessary for their tax returns. The process of preparing a tax return for LLCs and LLPs is very involved, and utilizing the knowledge and experience of our team of experts at Ramsay is a big advantage in these situations. Our accounting professionals stay current on tax law that affects these entities, ensuring the accuracy and thoroughness of your partnership return. Partnerships Partnerships are complex entities and taxes for partnerships are even more complex. This is an area of tax law that requires up-to-date knowledge to ensure accurate preparation of your return. Tax filing documents needed to prepare a partnership tax return include: profit & loss statement (income statement), balance sheet, asset records, business use of home documentation and depreciation schedules. Our team of experts can provide all of this for you in a timely and accurate manner in accordance with strict reporting requirements. Estates, Trusts, & Gifts This is a unique part of the tax law that needs the specialized expertise Ramsay & Associates has to offer. We work closely with attorneys to help you take advantage of the estate tax laws and maximize your benefits. Gifts and trusts can be used to take advantage of protecting your lifetime assets as well as providing means for passing your assets to your heirs with as little tax effect as possible. Individuals A business tax return can affect your individual return so much so that we recommend preparing both returns simultaneously. Tax law is complicated, and it’s easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there is no substitute for the assistance of an experienced tax professional. Not-For-Profit Organizations Not-For-Profit tax returns can be quite complicated, and can benefit from experienced help to be sure they are completed properly. These organizations need extensive documentation due to their strict reporting requirements. Working with accounting experts in these situations offers a big advantage and ensures accuracy and attention to detail. Our qualified experts attend continuing education seminars and maintain quality control standards to ensure the accuracy of your not-for-profit return.

  Link: Business Tax Return Preparation

• Reviewed & Compiled Financial Statements

  Reviewed Financial Statements Almost every organization finds it necessary to prepare reports on its financial performance, but different businesses have varying levels of need in this area. That’s why Ramsay offers financial statement services that range in levels of procedure and assurance. Our accounting experts will help you determine which financial statement presentation best fits the needs of your business. Preparing Reviewed Financial Statements requires our experts to gain an in-depth understanding of your business and financial information. Although reviewed financial statements are not as encompassing as audited financial statements, they are sufficient for businesses that must report their financial positions to third parties such as creditors or regulatory agencies. For this process, our experts use management inquiries, analytical processes, industry experience and extensive knowledge of your business to provide an evaluation of your company’s financial statements. A review provides “limited assurance” that no material modifications came to our attention during the process, and it gives you confidence that your statements conform to generally accepted accounting principles. Brady and Associates If you need a reviewed financial statement for an outside party, you must keep a general ledger that can be traced to supporting documents to ensure accuracy. Our team at Ramsay & Associates can help you accomplish this. Every three years we are required to have an independent Quality Review of the financial statements we prepare and procedures used to prepare them. We continue to receive a clean letter of review from the independent source. Compiled Financial Statements Our team of experts at Ramsay will work side by side with your management team to assist you in determining which type of financial report is most beneficial or necessary to meet the requirements and goals of your business. These various levels of reports can be used to help make operating decisions, enable creditors to evaluate loan applications or provide valuable investment information. When preparing your Compiled Financial Statements, our team will begin by becoming familiar with your business and industry. Next we arrange your financial information into a financial statement format. Finally, we analyze the documents to see if they appear reasonable and free from any obvious misrepresentations or departures from generally accepted accounting principles. During the compilation process, we will not express an opinion or an assurance about your statements. However, you will gain a clear picture of the financial status of your business. Lenders or suppliers often require that businesses submit compiled financial statements before they advance credit. A compilation can also be useful in determining if your business needs additional accounting services. If you need a compiled financial statement for an outside party, you must keep a general ledger that can be traced to supporting documents to ensure accuracy. Our team at Ramsay & Associates can help you accomplish this. Every three years we are required to have an independent Quality Review of the financial statements we prepare and procedures used to prepare them. We continue to receive a clean letter of review from the independent source.

  Link: Reviewed & Compiled Financial Statements

• Bookkeeping

  At Ramsay & Associates, our highly trained and experienced bookkeepers have the ability to keep track of your important business records with accuracy and great attention to detail. You’ll have the timely information you need to make important decisions at your fingertips, and have more time available to focus on what you do best — managing your business with confidence. Our customized bookkeeping solutions can be provided at your office, at our office or online. These comprehensive, affordable services include: Bank & credit card reconciliation Financial statement preparation (income statement, balance sheet, cash flow analysis) General ledger adjustments Accounts receivable Accounts payable Day to day task reporting Depreciation schedules prepared Virtual assistance QuickBooks training for your internal staff Make Ramsay & Associates your one stop solution for accurate accounting and financial reporting needs.

  Link: Bookkeeping

• Payroll Tax Return Preparation & Processing

  Payroll Tax Return Preparation Preparing a payroll tax return is an extensive, time-consuming project, and one that demands accuracy and careful attention to detail. If Ramsay & Associates is handling your payroll processing, you’ll definitely save time and avoid headaches by taking full advantage of our expert payroll tax return preparation services. We’ll take care of the entire process in a smooth, cost-effective manner. But even if you choose to process your own payroll or have someone on your staff take care of the responsibilities, you can still benefit greatly from having our accounting professionals at Ramsay provide their expertise by preparing your quarterly and annual payroll tax returns. Payroll Tax Return Processing Do it yourself We can help you use QuickBooks or Sage 50 (formerly Peachtree) to do your own payroll. Remember — even if you choose to do your own payroll, we can still prepare your quarterly and yearly payroll tax returns. Let Ramsay professionals manage your payroll while you manage your business The time you have to spend managing your company is your greatest asset. That's why we provide customized payroll management solutions that not only cut costs, but allow you to stay on task and focus on what's really important — your business! Advantages of Ramsay & Associates Payroll Services: Fully customized to your specific needs Secure and accurate Flexible and timely Simple and more cost effective Payroll prepared by experienced accountants Direct deposit or manual checks for employees Federal and state tax deposits done for you

  Link: Payroll Tax Return Preparation & Processing

• Business Planning

  Ramsay & Associates will work together to help you plan and manage the financial future of your business. We offer a wide range of tools that will provide a valuable analysis of your potential opportunities. Experts at Ramsay will work with you to put together a plan for your business, and establish guidelines and benchmarks to help you manage your progress and stay on track. The process of financial planning in business is designed to forecast future financial results and determine how best to use your organization’s financial resources to pursue your long and short-range business goals. The benefits of financial planning for your business include: Growing revenues at a more accelerated pace Providing the logic for decision making Showing where your business should concentrate its resources Increasing growth by increasing funds for marketing, expansion and product development Our business financial planning process at Ramsay & Associates involves an extensive process of gathering all of the asset, liability, income and expense information of your business, considering needs, risk tolerance and goals, and preparing a comprehensive analysis of your situation before recommending a plan for the future of your organization.

  Link: Business Planning

• Tax Planning & Projections

  Knowledge-based tax planning and projections provide financial advantages for all of our successful business and personal clients at Ramsay & Associates. Tax decisions and tax planning affect many long and short-term decisions that you make as a business owner. Our professional team strives to identify your opportunities, meet your challenges and take into consideration the ultimate affect each decision will have on your company and its financial wellbeing. At Ramsay & Associates, we combine our training and experience with current technology and processes to take a proactive approach to tax services. By keeping current on new tax law and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities and position your business for success. Our accountants utilize their expertise and industry knowledge for tax planning throughout the year so that our clients are fully prepared for tax season — with no surprises. We prepare professional tax returns for a wide variety of entities, including corporations, partnerships, trusts, estates, individuals and not-for-profit organizations. Comprehensive Tax Services to Meet Your Every Need Brady and Associates Corporations Corporations have strict reporting requirements and need supporting documentation. There is more to preparing a corporate tax return than entering the numbers in a tax software package. Ramsay experts attend continuing education seminars and maintain quality control standards to ensure the accuracy of your corporate return. LLCs and LLPs Reporting requirements for Limited Liability Companies and Limited Liability Partnerships are also rigorous, so accurate supporting documentation is also necessary for their tax returns. The process of preparing a tax return for LLCs and LLPs is very involved, and utilizing the knowledge and experience of our team of experts at Ramsay is a big advantage in these situations. Our accounting professionals stay current on tax law that affects these entities, ensuring the accuracy and thoroughness of your partnership return. Partnerships Partnerships are complex entities and taxes for partnerships are even more complex. This is an area of tax law that requires up-to-date knowledge to ensure accurate preparation of your return. Tax filing documents needed to prepare a partnership tax return include: profit & loss statement (income statement), balance sheet, asset records, business use of home documentation and depreciation schedules. Our team of experts can provide all of this for you in a timely and accurate manner in accordance with strict reporting requirements. Estates, Trusts, & Gifts This is a unique part of the tax law that needs the specialized expertise Ramsay & Associates has to offer. We work closely with attorneys to help you take advantage of the estate tax laws and maximize your benefits. Gifts and trusts can be used to take advantage of protecting your lifetime assets as well as providing means for passing your assets to your heirs with as little tax effect as possible. IMG_3178.jpg Individuals A business tax return can affect your individual return so much so that we recommend preparing both returns simultaneously. Tax law is complicated, and it’s easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there is no substitute for the assistance of an experienced tax professional. Not-For-Profit Organizations Not-For-Profit tax returns can be quite complicated, and can benefit from experienced help to be sure they are completed properly. These organizations need extensive documentation due to their strict reporting requirements. Working with accounting experts in these situations offers a big advantage and ensures accuracy and attention to detail. Our qualified experts attend continuing education seminars and maintain quality control standards to ensure the accuracy of your not-for-profit return.

  Link: Tax Planning & Projections

• IRS & State Audit Help

  Experience has convinced our team at Ramsay & Associates that it can be quite costly for a business to rely solely on self-representation when dealing with an audit by state or federal taxing authorities. Tax law is an area where you stand to gain a valuable strategic advantage. Let our team of experts at Ramsay help you understand the facts and resolve the situation as quickly and painlessly as possible. You generally won’t get the best outcome trying to handle a situation with the IRS or state auditors on your own because the government is constantly looking for ways to generate income. Some of the challenges from the IRS or state may be valid and accurate, while others are not. The key is to know the law. Tax law is extremely complicated, but our tax experts at Ramsay & Associates stay constantly informed in regard to tax law so we can help our clients plan for the future or deal with an audit situation today.

  Link: IRS & State Audit Help

• Business Consulting

  What you can measure, you can manage Ramsay & Associates offers coaching and business development programs designed to enhance and grow your business. Our professionals work closely with you to define your strategic goals, evaluate business operations, develop business plans, and create measurements to track your progress. Tracking the progress of your business through Key Performance Indicators allows us to help you simultaneously grow your business and plan for the future. Our value to you is measured by your personal and business success. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following are just a few of the areas in which we provide consulting services: Brady and Associates Goals Analysis Ramsay & Associates professionals can help you identify your financial and non-financial business objectives. Small business owners typically have the majority of their personal wealth tied up in their business. Our goals analysis allows us to carry out a thorough review of your financial situation, business involvement and quality of life desired. We can conduct an honest and open session to determine your personal objectives, what you want out of your business, and when you want to transition out. The decisions surrounding these issues often have a serious impact on the amount of wealth an owner might extract from the business, either at the time of transition or in the years leading up to transition. We offer an objective diagnostic system, which provides clarity around these critical issues and includes a project-planning tool that can be used to manage the actions, responsibilities and timelines for any initiatives identified during the review. Business Strategy We begin every business strategy session by sharing an interview filmed with Wally, a very typical small businessperson who was gifted with rare insights into what it takes to make a business succeed. In one amazing interview, Wally takes us through the principles that helped him grow a one-man business into a multi-million dollar enterprise, trading in over eighty countries around the world. Even better is that these principles can be applied to almost every small business, regardless of its industry or location. Viewing this interview will show you the need to: Design systems that provide not only more financial independence but also freedom and peace of mind Develop strategies that increase revenues Increase the effectiveness of the money that is spent on your business Profit by working ON your business rather than IN it As a businessperson you will instantly identify with Wally. This interview will help you identify ways you can run your business more efficiently and more profitably. Monitoring & Reporting At Ramsay & Associates, we can help you determine which key elements of your business can be measured on a regular basis to give you a performance analysis of the business over time. The purpose is to help you detect trends that will help manage your business for better efficiency of operation and address areas that need immediate attention. Performance Improvement This unique tool allows our team to analyze key financial elements relating to the overall health and performance of your business. It allows us to view the business holistically, looking at overall trends, setting performance goals and identifying other needs. Team Building This is a business survey tool for capturing team opinions, concerns and views about the business the team works for and helps identify opportunities to improve: Team satisfaction and morale by improving the culture Business processes by capturing the innovative ideas of those at the base of operations and customer interaction Team understanding of, and buy-in to, the vision of the business Conducting internal surveys of the team is an effective way of discovering how people feel about working for the business. The team is, of course, a critical stakeholder group in terms of contribution to business success. Dissatisfied or uninformed teams tend to perform below their capabilities, leave their jobs relatively quickly and are not very likely to recommend the business to others. This analysis will also allow the business owner to test their own beliefs about the quality of their business’ culture and operational efficiency against the perceptions of the team members themselves. It can also be used to compare perceptions between groups such as a sales team and accounts team.

  Link: Business Consulting

• Research & Development Credit

  Get Cash Back for your R&D Investment – Find Out if You Qualify Our professionals at Ramsay & Associates can help you determine if you are eligible for federal & state research & development tax credits. Many business owners in nearly every industry are unaware that federal and state research and development (R&D) tax credit programs exist that may reward their day-to-day efforts aimed at producing an improved product. The R&D tax credit is a government-sponsored benefit that provides cash incentives for companies conducting R&D in the U.S. These economic incentives were implemented to stimulate research and development in industries of all sizes, to encourage companies to work together, and to transform the economic landscape. The R&D tax credit is for businesses of all sizes, not just major corporations with research labs, and many companies are surprised that they qualify. Any company that designs, develops, or improves products, processes, techniques, formulas, inventions, or software may be eligible. In fact, if a company has simply invested time, money, and resources toward the advancement and improvement of its products and processes, it may qualify. Under current government regulations, even more industries now qualify for the R&D tax credit. Plus, the R&D tax credit regulations allow eligible taxpayers to “look back” to all open tax years (typically three years plus the current year) for potential R&D credits that were never claimed. More than $5 billion in federal R&D tax credit benefits are given out annually, in addition to those offered by states. Our experts at Ramsay & Associates will assist you with the application and make sure that you maximize your potential benefits from this program.

  Link: Research & Development Credit

• Accounting Software Setup, Support & Training

  Accounting System Setup If you have the opportunity to set up or reorganize your business accounting system, you’ll want to make sure the new system will give you the results you need for proper analysis of your business operations and give you a basis from which to make educated decisions. You will greatly benefit from consulting with our experts at Ramsay & Associates before you commit to anything. Setup for new company or conversion from existing accounting system: Installation or setup of QuickBooks Software & Consulting Setup company file and chart of accounts Customize to fit your needs Customize forms. (Invoices, estimates, etc.) Customize reports for proprietary data Telephone & on-site support & troubleshooting QuickBooks quickbookspro2013.jpg We also offer QuickBooks set-up services that allow your new company or accounting system conversion to flow smoothly. Ramsay & Associates can help with your installation, company files, accounts chart, customization, forms and reports. Contact us for more information. Accounting Software Support & Training Ramsay & Associates provides software support and training to help you maximize the efficiency of your business with QuickBooks and Sage 50 (formerly Peachtree) accounting software. Technology is an important tool for measuring and managing your day-to-day business finances, and our knowledge and experience can bring you to a whole new level. Certified QuickBooks ProAdvisor ProAdvisor_Advanced.png Our Certified QuickBooks ProAdvisors will give you the help you need for new installation, converting, upgrading or training. QuickBooks custom reports and payrolls are fast and easy with assistance from our Certified QuickBooks ProAdvisors. Quickbooks Training Attend a training session to learn how to use QuickBooks or improve your skills using it. Learn how to use the program more effectively. Learn the details of how to use accounts receivable, accounts payable and bank reconciliation functions, as well as account set up, trouble shoot problems, invoicing, and more. Sage 50 (formerly Peachtree) Accounting sage_accounting.jpg Our software experts at Ramsay can support you with your Sage 50 (formerly Peachtree) accounting software with all of the essentials, including invoicing and bill paying, as well as many more advanced features, such as powerful reporting, inventory management, and analysis elements. Our experience and knowledge help you manage your financials efficiently. Contact us for more information.

  Link: Accounting Software Setup, Support & Training

• Business Valuation Services

  Experienced professionals at Ramsay can help you place a value on a business for potential purchase or on your current business for sale, as well as valuation for an estate or estate planning purposes. The government authorities will not necessarily accept your belief of value without a proper independent calculation. Our experience allows us take the proper steps for determining a fair and accurate valuation.

  Link: Business Valuation Services

• Benefit Plan Consulting

  A company needs to consider how various employee benefits affect owners and employees. Our team at Ramsay & Associates can help you wade through the multiple decisions necessary for health, life and disability insurance, the best type of retirement plan for you, how to handle bonus plans, and other benefit strategies that reduce taxes and increase employee retention and productivity.

  Link: Benefit Plan Consulting

• Succession Planning

  Some business owners feel that the ultimate purpose of their business is its eventual successful sale and transition to new leadership. At some point, it’s important that you make plans for the time that you would like to leave your business in someone else’s leadership and obtain a good price for your efforts in building it. At Ramsay & Associates, we have the knowledge and expertise to help you prepare your business for a gradual transition and help identify how to sell it. We can also help you enjoy the business now and help you find the time and resources to do the things you want to do in life. Rich and Associates Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in your company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. At Ramsay, we are aware of the fact that clear objectives are critical to establishing effective succession planning. Our experts can help you: Identify those with the potential to assume greater responsibility in the organization Provide critical development experiences to those that can move into key roles Engage the leadership in supporting the development of high-potential leaders Build a database that can be used to make better staffing decisions for key jobs

  Link: Succession Planning

• Personal Tax Return Preparation

  Our experienced team at Ramsay & Associates is committed to providing you with accurate Personal Tax Returns based on detailed, up-to-date tax information. We offer the researched information and expertise you need to take advantage of opportunities in tax law that will most benefit your specific situation. We provide a free review of your last two years of tax returns to look for errors or missed opportunities. Our personal tax professionals at Ramsay & Associates can also assist you with: Tax Planning & Projections that require a careful analysis of your personal situation Trust Tax Services that will help you get the biggest impact for your dollar Estate & Gift Tax Services when property is being transferred at your death or taxable gifts are being given IRS & State Audit Help for dealing confidently with an audit or questioning by IRS or State taxing authorities Personal Financial Statements to provide information about your financial situation Social Security Planning to help you decide when and how you should accept Social Security benefits Our professional team at Ramsay & Associates is committed to doing everything right when it comes to providing sound financial information for our personal clients in a timely and cost-effective manner. Ramsay was founded on a strong tradition of personalized service, trust and mutual respect. Our first priority is to secure a solid financial future for you and your family by gaining an understanding of your goals and desires, then utilizing tools and methods that will help you achieve those goals. Our second priority is to educate our clients so that they are able to make well-informed decisions about their personal financial future.

  Link: Personal Tax Return Preparation

• Personal Tax Return Preparation

  Tax laws are changing all the time and it’s important that you get up-to-date, professional tax information firsthand from a professional team like Ramsay & Associates. Ramsay strives to provide the expert information and assistance you need by pointing out the opportunities in tax law that will most benefit your specific situation. There is plenty of software on the market that allows you to prepare your own personal tax return, but at Ramsay & Associates, we’ve found that there are many errors or missed opportunities when people attempt to prepare their own returns. We offer a free review of your last two years of tax returns to look for errors or missed opportunities. Discover the difference when you let our tax professionals at Ramsay & Associates take care of your needs.

  Link: Personal Tax Return Preparation

• Tax Planning & Projections

  When our experts at Ramsay provide professional tax planning and projection services, it goes way beyond preparing a timely and accurate tax return. The process of tax planning and projection involves careful analysis of your personal situation to ensure the viability of the latest tax laws as well as adhering to those laws. This is a commitment that we feel cannot be compromised.

  Link: Tax Planning & Projections

• Estate, Trust & Gift Tax

  Estate Tax The estate tax is a tax on property that is transferred at your death, while a gift tax is on money or property that you give to someone during your lifetime that may be subject to federal and state taxes. Like the trust tax, estate and gift taxes can become quite complicated because the possible scenarios for each are nearly endless. Our accounting experts at Ramsay are very familiar with estate and gift tax laws. We know just the right questions to ask you about your situation, and we can help you minimize the taxes that you or your loved ones will need to pay when receiving an inheritance or giving a gift. When it comes to keeping as much of your hard-earned money in your pocket as possible — our team at Ramsay & Associates is the right one to call. Trust & Gift Tax IMG_2846.jpg Trust taxes are a unique part of our tax law, and are one of the many places where things get confusing. If you need help understanding how trust taxes work, and how to get the biggest impact for your dollar with a trust, our professionals at Ramsay & Associates can provide all of the help and information you need. We work closely with attorneys to be sure you get to take full advantage of trust tax laws and get the greatest possible return on your investment. Trusts can be used to protect your lifetime assets as well as provide means for passing your assets to your heirs with as little lost to taxes as possible. In many cases, one of the main benefits of trusts is that the beneficiary is not subject to a large amount of tax all at once. If the terms of the trust dictate that the beneficiary receives funds from the trust incrementally, then taxes are not assessed until those funds are actually in the hands of the beneficiary. At that point, they become taxable, just like many other types of income. Assuming that the trust is structured in a manner that allows it to generate income over the long-term, this means that the beneficiary must only pay taxes on the funds received during the tax year. Like many other taxable assets, there are many exceptions to the rules of how trusts work and how they are taxed. Our Ramsay professionals can help.

  Link: Estate, Trust & Gift Tax

• Financial Planning

  Ramsay Wealth Management, Ltd. offers a wide range of planning solutions for your immediate and long-term needs — from analyzing what you need to acting on it. Financial planning is about helping you achieve your financial goals through our passionate guidance and planning processes. Ramsay Wealth Management and Ramsay & Associates work together to help you build your financial future. You’ll find we employ a wide range of tools to analyze your opportunities. You have goals and dreams for your personal finances, retirement, your children’s education and more. We put together a plan then guide and manage your progress to help keep you on course. Our services include: Retirement Plans (401(k), SEP, SIMPLE & IRA) Health Insurance Long-Term Care Minnesota Long-Term Care Partnership Education Funding Estate Planning Financial Planning & Analysis Resources: White Papers Rich Ramsay is the owner of Ramsay Wealth Management. Rich is an investment advisor representative of J.W. Cole Financial Inc. and offers the following products: Mutual Funds Variable Annuities Variable Universal Life Insurance Managed Investment Accounts Stocks & Bonds Fixed Annuities Life Insurance Real Estate Investment Trusts (REITS)

  Link: Financial Planning

• IRS & State Audit Help

  Our professionals at Ramsay & Associates strongly recommend that individuals don’t rely solely on self-representation when dealing with an audit or questioning by IRS or state taxing authorities. Given the many levels of tax law, you stand to gain a valuable strategic advantage by having experts, like our team at Ramsay, on your side. We’ll research your situation, find the facts and resolve the issues as quickly and painlessly as possible. Some of the challenges from the IRS or state may be valid and accurate, while others are not. The key is to know the law. Tax law is extremely complicated, but our tax experts at Ramsay & Associates stay constantly informed in regard to tax law and legislation that can potentially affect our clients.

  Link: IRS & State Audit Help

• Personal Financial Statements

  The objective of a personal financial statement is to provide information about your financial situation. It should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to your personal financial position. Lenders often request a personal financial statement when extending credit. At Ramsay & Associates, we can help you gather information for this and prepare a professional-looking personal financial statement that will meet your needs, and comply with the rules and regulations regarding personal financial statements.

  Link: Personal Financial Statements

• Social Security Planning

  Making decisions about your Social Security benefits can be difficult, especially if you don’t understand all of the rules and consequences. At Ramsay & Associates, our professionals can answer all of your questions about when you should take Social Security, how to take it early and what that means for you in the long run. There are many variables that go into Social Security Planning. If you aren’t aware of or don’t understand how these variables will affect your benefits, it could end up in reduced benefits received. Throughout your life you have earned your Social Security benefits, take the time to do a little planning do you get what you have worked so hard for and deserve.

  Link: Social Security Planning

• About Financial Planning

  Ramsay Wealth Management, Ltd. offers a wide range of planning solutions for your immediate and long-term needs — from analyzing what you need to acting on it. Financial planning is about helping you achieve your financial goals through our passionate guidance and planning processes. Ramsay Wealth Management and Ramsay & Associates work together to help you build your financial future. You’ll find we employ a wide range of tools to analyze your opportunities. You have goals and dreams for your personal finances, retirement, your children’s education and more. We put together a plan then guide and manage your progress to help keep you on course. Our services include: Retirement Plans (401(k), SEP, SIMPLE & IRA) Health Insurance Long-Term Care Minnesota Long-Term Care Partnership Education Funding Estate Planning Financial Planning & Analysis Resources: White Papers Rich Ramsay is the owner of Ramsay Wealth Management. Rich is an investment advisor representative of J.W. Cole Financial Inc. and offers the following products: Mutual Funds Variable Annuities Variable Universal Life Insurance Managed Investment Accounts Stocks & Bonds Fixed Annuities Life Insurance Real Estate Investment Trusts (REITS)

  Link: About Financial Planning

• Retirement Plans

  Retirement Plans Are you confused about what type of retirement plan you should choose? Common types of plans include 401(k), SEP, SIMPLE, IRA, ROTH IRA, and KEOGH. Which one to choose will depend on your situation. We can analyze your needs and present the attributes of each type of plan so you can understand how to choose the best for you. We can assist you in choosing how these plans can be funded through various choices of investments and handle all the paperwork necessary to make it happen.

  Link: Retirement Plans

• Health Insurance

  Health Insurance We help you find the most cost effective means to provide health insurance coverage for individual or business group policies. Health insurance has become very expensive and we work hard to find the best coverage for you at the best price.

  Link: Health Insurance

• Long-Term Care & MN Long-Term Care Partnership

  Long-Term Care We can help you evaluate your situation to determine if long-term care insurance is right for you. Minnesota is one of the many states where you can exclude a certain amount of your estate from potential use for nursing care and still qualify for state assistance. See Minnesota Long-Term Care Partnership. Minnesota Long-Term Care Partnership The Minnesota Long-Term Care Partnership is a public/private arrangement between long-term care insurers and Minnesota’s Medical Assistance program. It enables Minnesota residents who purchase certain long-term care insurance to have more of their assets protected if they later need the state to help pay for their long-term care. Minnesota is using this approach to give people greater control over how they finance their long-term care and to help shore up the public safety net against coming demographic pressures.

  Link: Long-Term Care & MN Long-Term Care Partnership

• Education Funding

  Education Funding Educational funding is an important planning tool for parents with young children. The cost of education typically increases each year faster than inflation. There are various methods of solving this by investing each year or using lump sums. Grandparents should learn about this for their grandchildren.

  Link: Education Funding

• Estate Planning

  Estate Planning In order to avoid taxation of an estate, there are various means that can be used to transfer assets to your beneficiaries. We begin planning your estate by gathering together your assets and liabilities as well as the cost basis in your assets. Lifetime transfers using either direct transfers or gifts or using a trust, combined with life insurance are some of the various methods used.

  Link: Estate Planning

• Financial Planning & Analysis

  Financial Planning & Analysis Financial planning & analysis is a process whereby we gather all the assets, liabilities, income and expenses of the investor, analyze the situation, and together with the needs, risk tolerance and goals, prepare an analysis of your situation and recommend a plan for the future.

  Link: Financial Planning & Analysis

• Investments

  Investments At Ramsay Wealth Management, we are able to help our clients by providing access to a wide range of investments. From stocks and bonds, to mutual funds, variable annuities, and Real Estate Investment Trusts, we can help clients find the investment vehicle that is right for their situation. See the Glossary in our Resource Center for more information.

  Link: Investments

• Videos

  Video: Videos

  Link: Videos