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Enhancing Prosperity
210.733.6611

ATKG Advisors LLC

Enhancing Prosperity

Enhancing Prosperity----------
San Antonio, TX
210.733.6611
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    • Tax Planning Before You Say “I Do”

    Tax Planning Before You Say “I Do”

    The wedding planning process can truly be a whirlwind of to-dos. Finding the perfect venue, dress, flowers, cake…and the list goes on and on. Another important wedding planning item to consider is the income tax implications that will result from your newly married status. Let’s take a look at some of the main tax questions newlyweds are faced with.

    When do we need to file a joint return?

    The IRS determines your tax filing status based on your legal single or married status on of the last day of the year. So if you got married on December 31, 2017, you and your spouse will file your 2017 tax return as married.

    Is there still a way for us to file separately?

    Yes, the IRS has two married filing statuses: married filing jointly or married filing separately. Typically, married filing jointly is the most beneficial filing status for couples. However, there may be situations where a couple chooses married filing separately. The married filing separately status results in limitations and disallowance of some tax deductions and credits for both taxpayers.

    Will we pay more or less in taxes?

    It depends on various factors. It’s a good idea to discuss with your future spouse current tax situations, including all income (or loss) items and any liabilities that either of you may have. Combining incomes can potentially push you into a higher tax bracket, but there are situations where the opposite can occur, and you will end up in a lower tax bracket.

    I think we will owe more (or less!) taxes filing jointly, what can we do now?

    Your first step will be to reassess your current tax withholding or payments. If you are a W-2 employee, you may want to fill out a new form W-4 with your employer to adjust the tax withheld on each paycheck. If you are self-employed or make estimated tax payments, you will want to make sure the amounts you pay in are calculated based on your married tax rate. Keep in mind that the IRS considers you married for the full year regardless of your wedding date, so you may want to adjust your tax withholding or payments well in advance of your wedding date to ensure you aren’t subject to any underpayment penalties.

    With all of the excitement of starting this new chapter in your life as husband and wife, be sure you’re not caught off-guard when it comes to your married tax situation. ATKG is here to assist you with any questions or concerns you may have.

    By: Kim Pruske, CPA

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    ‘‘I couldn't be happier with the choice to move from EY to ATKG. A.J. Sturm, Diane White, Alisha Bell, and the support staff have been instrumental in helping me with a complicated Estate and Foundation scenario. Not only have they provided me with phenomenal accounting and tax advice, but they have also gone above and beyond to help me plan for today, tomorrow, and far beyond. Thank you, ATKG!!!’’

    Amy Burdick

    Richard L Burdick Foundation

    ‘‘We continue to consider ATKG a part of our personal and business planning team. They are a professional firm with an impeccable level of service.’’

    A Client

    ‘‘ATKG is very professional, responsive, and client-oriented. They are committed and make a point to communicate with annual meetings and anytime I have a question.’’

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    ‘‘Angie Stone and her team provided valuable forensic accounting services and excellent litigation support in some complex family law cases handled by our firm.’’

    Alicia K.

    Key Law Firm

    ‘‘Angie Stone and Courtney Mastin are prompt in their response to any inquiry our clients or I may have. Additionally, everyone at ATKG maintains a wonderful level of professionalism.’’

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    ‘‘Great people, good response time, and helpful’’

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    ‘‘Great people and very informative, up-to-date with ever-changing rules and guidelines in this ever-changing government!’’

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    ‘‘ATKG is invested in my success and is highly responsive to my needs.’’

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    ‘‘Katie provides great service and is very knowledgeable.’’

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    ‘‘She is friendly, responsive, and knowledgeable.’’

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    ‘‘David and the ATKG team are knowledgeable regarding current tax issues, and they are extremely responsive to all questions.’’

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    ‘‘Been working with ATKG for several years; they are extremely professional, knowledgeable and offer great customer service.’’

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    ‘‘ATKG provides services up and above any other accounting firm I have ever used. They want to help their clients manage their wealth and offer to help teach their children about wealth and how to manage it.’’

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    ‘‘Our ATKG team, which includes Eric, Ruth, Katie, and Shannon is incredibly knowledgeable, professional, and supportive of our business. Client service always feels like it is at the forefront of their mind.’’

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    ‘‘Loyal, excellent service over 35 years with Melanie and her team.’’

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    ‘‘Our interactions with Diane and the ATKG team are always a model for how a professional services company should interact with its clients. With ATKG, we know that our finances are in good hands.’’

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    ‘‘Melanie, Teryn, and Sandy have clearly had my and my family's best interests at the forefront. I have had a 19-year relationship that has proved to be very beneficial to my family and me.’’

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    ‘‘Melanie, Teryn, and Katie offer us confidence.’’

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    ‘‘Diane and Shannon are a critical resource and partner to our firm. They are knowledgeable, responsive, and dependable on all levels.’’

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    ‘‘Diane and Shannon provide great service. They are very knowledgeable and are always willing to assist our group with sage advice.’’

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