• Financial Focus Advisory Services

Tax Prepration

Financial Focus Advisory Services, LLC offers tax consulting and preparation to individuals and closely held businesses of all sizes.

Leo has been in public practice for over 25 years preparing tax returns for individuals, trusts, and small business. He has built his practice around treating each client with the utmost respect. His clients don’t only reside in Massachusetts; he has clients all around the country.

His specialties include: investment tax planning, retirement income taxation, real estate, Medicaid trust, estate Trusts, real estate 1031 exchanges, tax deferral on investments, stock trader status, capital gain and loss strategies as well as general taxation issues.

We offer a unique look at your entire financial position and consider which investing and tax strategies will work best for you. It is important that one hand know what the other hand is doing.

If you are investing for yourself and would like a tax preparater that knows what deductions are available to you, call Financial Focus Advisory Services, LLC at 781-829-8626.

Medicaid Trusts

Without Medicaid planning, generally you can only keep $2,000 of countable assets (as a single person). If you need Medicaid assistance in a nursing home. Medicaid planning allows you to preserve some of your assets as allowed by law, but don’t expect to hear about this from the Medicaid office. Through careful planning, you can preserve assets to supplement your own needs while on Medicaid, and also to pass along an inheritance to your children.

People often ask about gifting assets to a child. The problem is, that you have no control over assets you give away. Some children can be trusted with money, some can’t. But even the most trustworthy child might divorce, or lose his or her job and wind up in debt, or even become disabled or die unexpectedly. What happens then? You don’t want your child’s problems to bump into your money. Gifting assets outright may be the only choice in a crisis situation; but if you’re planning ahead you may want to consider a trust arrangement.

Estate Trust

Your estate planning should accomplish three purposes: protect yourself; protect your family; and give you peace of mind. How you do that varies, so we’ve given you some fundamentals to get started.

Estate planning is more than just a will, since you should plan for possible incapacity as well as death. You at least need to do this:

  • Prepare a will, naming who, after your death, will administer your estate to gather your assets, pay your bills, and distribute what’s left to the people you name.
  • Have a financial power of attorney, naming someone to make financial decisions for you during your lifetime in case you become incapacitated due to illness, disease or accident, and to give that person the powers they will need to make sure that you are properly cared for and your assets can be used for your benefit and the benefit of your loved ones.
  • Give medical instructions, and name an agent for health care through a Health Care Power of Attorney and Living Will.

IRS Offer in Compromise

When filing for an Offer in Compromise, the IRS requires you to file several documents in order to be considered for this type of tax settlement.

The Offer in Compromise is a long and tedious filing with lots of documentation required. The IRS does not make it easy for individuals to receive this type of relief and they make sure it is only available to those individuals who really need it. It is best for taxpayers to work with a tax negotiation company when filing for an offer in compromise. A tax negotiation company can analyze an individual’s financial situation and determine how likely they are to receive this form of settlement.

Tax Planning

Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.

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