Taxes

• Tax Planning
  Karen joined Smith, Watson & Company, LLP in November 2021 after a merger of her former firm Karen M Kowalczyk PC. Karen started her career with PricewaterhouseCoopers, in Hartford CT in 1990. She returned to the Berkshires, where she grew up, in 1991 and has worked in various public accounting firms as both an associate, and as an owner, for the last 30 years. Karen’s primary areas of concentration include income tax planning and preparation for individuals, trusts, estates, and business entities, and management advisory and business consulting services.
• Estate Taxes
• Lessen Taxes at Time of Death
• IRS Representation
  Nothing strikes fear in the hearts of people more than receiving an IRS Audit letter in the mail. Audits take significant time away from your business and family, requiring you to gather mounds of records substantiating each and every item reported on your tax return and develop a comprehensive understanding of tax law.
• Tax Services
  These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
• Form 1065
  Calendar-year partnerships: File a 2023 income tax return (Form 1065 or Form 1065-B) and provide each partner with a copy of Schedule K1 (Form 1065) or a substitute Schedule K1 or request an automatic six-month extension (Form 7004).
• Tax Deductions
  As the employer, you’ll get a current income tax deduction for contributions you make on behalf of your employees. Your employees won’t be taxed when the contributions are made but will be taxed later when distributions are made, usually at retirement.
• Income Tax
  Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.

Investment

• Mutual Funds
  SEPS don’t require the detailed records that traditional plans must maintain. Also, there are no annual reports to file with the IRS, and the recordkeeping that is required can be done by a trustee of the SEP-IRA, usually a bank or mutual fund.

Accounting

• Accounting Services
  Whether you need to prepare for tax time, a financial review or you just need to clean up some problem areas, you'll be prepared with a QuickBooks Tune-up. In four (4) hours, a QuickBooks Professional Advisor will help you clean up and organize your bookkeeping system.
• Bookkeeping Services

Planning

• Retirement Planning
• Annuities
  Estate planning on your own can be complicated and costly. And the list is endless... state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns, eligibility of heirs, life insurance, IRA's, 401K's, annuities, burial or cremation costs, and intent regarding death-postponing treatment to name a few. Not knowing your legal and financial rights often ends up costing you more in the end.
• Long Term Care
  With our elder care services, you get the help of a caring, honest and knowledgeable professional. Someone on your team, looking out for your loved one's best interest.