Updegrove McDaniels McMullen Chiccehitto

Tax Return Preparation, Accountants-Certified Public, Accounting Services

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Mon - Fri:	9:00 am - 5:00 pm

Updegrove McDaniels McMullen Chiccehitto

Tax Planning
Educating our clients is included in the services we provide. We help our clients understand their tax situation fully to better partner with us on effective tax planning. Updegrove McDaniel McMullen & Chiccehitto, PLC works effectively with family groups addressing their business needs, as well as the individual needs of each family member. We provide value and personalized service to each member of the family group.

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Extra Phones

Phone: (540) 349-7744

Payment method

amex, discover, master card, visa

AKA

Updegrove Combs McDaniel & Wilson PLC

Updegrove Combs & McDaniel PLC

Other Links

http://www.ucmcpas.com

https://ucmcpas.com

Categories

Tax Return Preparation, Accountants-Certified Public, Accounting Services, Financial Planning Consultants, Financial Services, Insurance, Payroll Service, Taxes-Consultants & Representatives

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Details

Phone: (540) 347-5681

Address: 10 Rock Pointe Ln Ste 3, Warrenton, VA 20186

Website: http://www.ucmcpas.com

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Updegrove McDaniels McMullen Chiccehitto

Tax Planning
Educating our clients is included in the services we provide. We help our clients understand their tax situation fully to better partner with us on effective tax planning. Updegrove McDaniel McMullen & Chiccehitto, PLC works effectively with family groups addressing their business needs, as well as the individual needs of each family member. We provide value and personalized service to each member of the family group.
Estate Taxes
IRS Representation
Services such as, but not limited to, IRS representation, offer in compromise, new business start-up consulting, multiple-year tax filings, litigation support or business valuations may require a retainer of 50% of the anticipated cost of the service and will be billed at our standard hourly rates.
Tax Services
Please use the appropriate tax for specific entities below when pulling together the 2022 tax information. This information is required prior to tax preparation.
Roth IRA
Roth Conversions – A low-income year may present an opportunity to convert some of your traditional IRA funds to a Roth IRA for a low amount of tax.
Tax Deductions
Charity Volunteer Tax Breaks – If you volunteer your time for a charity or governmental entity, then you probably qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a qualified charity or a federal, state, or local governmental agency, some deductions are permitted for out-of-pocket costs incurred while performing the services, such as away-from-home travel, lodging, and meals; automobile travel; and uniforms.
Income Tax
Limitation on Tax Itemized Deduction – The tax code limits the itemized deductions for state and local taxes to $10,000. Several states have developed work-a-rounds to circumvent that limitation. If you reside in a state that has developed a work-a-round and the total you paid of your state income tax (or state sales tax) and property taxes, substantially exceeds the $10,000 limit, you may wish to consider participating in your state’s program.
Tax Return Preparation
Updegrove, McDaniel, McMullen & Chiccehitto, PLC is recruiting individuals with varying levels of tax experience who want to work in a synergized environment where we enjoy working with each other and with our clients. Our value provided approach not only includes tax return preparation, it extends to tax planning, business consulting, accounting and other client support services. We cherish our team environment. We offer flexible work schedules to accommodate the needs of our team members. Competitive salaries correlate with experience and our benefits are generous.

Mutual Funds
Reinvested Dividends – If you are invested in a mutual fund, you are probably reinvesting the annual dividends. Reinvested dividends add to the basis of your investment, and when you sell the mutual fund, having a higher basis will reduce the gain. Mutual funds are required to track your basis for mutual fund shares purchased after 2012. Some even track the basis and reinvested dividends going further back. However, some do not, and it would be your responsibility to track the reinvested dividends so that you get the benefit of all reinvested dividends when you sell.

Accounting Services
QuickBooks Online offers a world-class set of bookkeeping and accounting features designed to simplify financial management tasks for all business owners. Among these features is the ability to set up recurring transactions. This powerful, time-saving tool is a great way to automate certain expenses and payments.
Payroll Services
As your business grows, you need to hire more employees which can result in increased payroll administration. Our team can assist you with implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Updegrove McDaniel McMullen & Chiccehitto, PLC can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.
Bookkeeping Services

Financial Planning
A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we help you accurately assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security.
Retirement Planning
Qualified retirement plans (e.g. defined-contribution or defined-benefit plans, Keoghs, SEPs, and more) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified team members can assist you in evaluating the type of pension plan that will best serve your retirement needs and those of your employees. We can assist with the development, implementation, and administration of your employee benefit plan. Updegrove McDaniel McMullen & Chiccehitto, PLC is a member of the AICPA Employee Benefit Plan Audit Quality Center.
College Funding
Child’s Private School Expenses – If your child is attending a private school, up to $10,000 per year of Sec. 529 college savings plan funds can be used to pay tuition for kindergarten through grade 12. However, tapping your college savings plan for these expenses may be detrimental to your overall long-term savings plan to pay for college tuition.
Asset Protection
Asset protection, or wealth preservation, plans make the enforcement of judgments against protected assets nearly impossible and allow the owner of protected assets to retain substantial control over these assets. Updegrove McDaniel McMullen & Chiccehitto, PLC can assist you with an asset protection plan that may include family limited partnerships, or offshore trusts. We help you protect what is yours.

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