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Tax Preparation for Keystone Clients

Personal Tax Preparation Services

At Keystone Financial Services, we strive to provide high-level and premium services throughout our comprehensive and robust financial planning. We are excited to announce that Keystone Tax Preparation LLC now offers personal tax preparation services exclusively for our clients!

Our goal is to provide comprehensive holistic financial planning.  

We know our clients will find it convenient that we are able to provide all of the investment related tax documents to their tax preparer.  

As your Financial Representatives, we have a comprehensive understanding of your finances and by working together with your tax preparer you can feel confident that all areas of your financial plan are being addressed.  We will work together to help create a tax strategy that puts you in the best position to meet your long term financial goals.

Tax Reduction strategies should be a critical part of your financial plan and you should be working with your tax and financial advisor on incorporating them at the start of each year. 

Here are three common tax reduction strategies:

  1. Consider long-term capital gains

    Part of tax-efficient investing is considering how taxes will affect the buying and selling of assets. 

    The tax you pay when selling an asset, whether it’s a stock, jewelry, or real estate, is dependent on how long you’ve held the asset. If you’ve had an asset for more than a year before selling, it’s considered a long-term capital gain and therefore is taxed according to graduate thresholds. In other words, the tax rate for long-term capital gains can be 15% or lower. Whereas short-term capital gains (assets sold before that one-year mark) are taxed at the same percentage as your normal income. This means you could be paying up to 37% in taxes for short-term capital gains.

  2. Consider Maxxing out your tax-advantaged retirement accounts

    Retirement accounts can act as great long-term tax-sheltered accounts. There are two different kinds of retirement accounts, tax-deferred and tax-exempt. Tax-deferred accounts are your traditional accounts where contributions are made pre-tax, like a traditional 401(k). Tax-exempt accounts include Roth IRAs and Roth 401(k)s where contributions are made post-tax.

    Regardless of which account you’re contributing to, it’s in your best interest to max out your yearly contributions and to take advantage of those tax breaks, not to mention any matching programs your employer may offer.

    3. Consider Contributing to a Health Savings Account (HSA)

A health savings account is a great way to take advantage of your pre-tax income while potentially lessening the impact of health care costs.  You can then use this money, tax-free, to  pay for eligible expenses including deductibles, copays, prescriptions, and countless other medical costs. 

We believe that working with your tax preparer on Tax Reduction Strategies and also on Tax Distribution and Planning Strategies, will ensure that all areas of your financial plan are working towards achieving your financial goals.  

What to Bring

What to Bring

  • Income and Investments
    • Form W-2 Wage and Tax Statement
    • Bank or Financial Institution Statements
    • Last Year's State Refund Amount
    • Any Form 1099's
    • Information about any Non Keystone accounts in which you traded or sold (Forms 8945 and 8949) 
  • Homeownership Information
    • Property Tax Receipts
  • Medical Expense Records
    • Receipts for Unreimbursed Medical Expenses
    • Health Insurance Coverage Forms (Form 1095s)
    • Social Security. Benefits
    • Long Term Care Premiums 
  • Deductions and Credits
    • Child Care Costs
    • Education Costs:  Form 1098-T
    • Forms 1098
    • Charitable Donations
  • Taxes You Have Paid
    • State and Local Income Taxes Paid
    • Real Estate Taxes Paid
    • Personal Property Taxes
    • Vehicle License Fees Based on Value of Vehicle
    • Estimated Tax Payments Made During the Year
    • Prior-Year Refund Applied to Current Year and/or any Amount Paid with an
      Extension to File

Right Capital-How it Works

Securely Upload Your Documents

RightCapital's Client Portal is easy to use, informative, and secure.  All data that is transferred and stored in the Vault, is encrypted using the most protective and confidential encryption practices. Upload your documents for your tax preparation appointment with complete confidence.

         Already have an Account?  Click Here

Here are the key steps to an effective and enjoyable experience

  1. Account Setup -You'll receive a link to create your RightCapital account and secure password.  From there, jump to creating your profile.
  2. Vault- use your vault to securely share, and store documents. Upload all of your tax documents to a shared folder.  Your Financial Representative will upload your investment related tax documents to the shared folder as well.  Your tax preparer will now have access to everything they need to prepare your return.

Ready to set up your RightCapital Account

To initiate the account set up process, please send an email to Right Capital Set Up Request

If you would like a tutorial on How to Upload Documents to the Vault, watch our video below.

Independent Financial Group (IFG) does not give tax advice. IFG Registered Representatives (RR) do not give tax advice while acting as an RR. These matters should be discussed with your tax professional. No investment strategy can guarantee a profit or protect against loss. While you can use the funds in an HSA at any time to pay for qualified medical expenses, you may contribute to an HSA only if you have a High Deductible Health Plan (HDHP) — generally a health plan (including a Marketplace plan) that only covers preventive services before the deductible. Keystone Financial Services, Keystone Tax Preparation LLC, and IFG are unaffiliated entities.

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