Services for Individuals

Services for Individuals

Ray & Gregory, PC. provides professional services for individuals that extend far beyond tax planning, filing, and compliance. Our founders, and experienced Tullahoma and Murfreesboro CPAs work with individual clients to help them take care of their financial affairs when life-changing events occur, or personal needs change over time.

Whether you're looking for a secure retirement strategy, need help with estate planning, or want to ensure you have the right insurance coverage set up, our dedicated professionals can help! Contact our accounting firm to schedule your comprehensive consultation today!

What Services Do You Provide?

We proudly offer individuals with a variety of services. Our most essential includes:

Personal Financial Planning Personalized to You

Although it may seem like a difficult challenge, with informed decisions and an organized strategy, it's possible to become financially stable.

In a world where many individuals feel like financial dealings are too complicated to comprehend, our team takes the time to explain how they apply to you and how you can take advantage of all the benefits personal financial planning with skilled professionals has to offer.

Regardless of your age or your current financial standing, having a clear, concise plan will benefit you for many years to come.

What Does Professional Financial Planning Involve?

Typically, the challenges of building personal wealth and achieving financial stability aren't easily achieved without the assistance of a team of knowledgeable financial experts. Whether you're saving for the college education of your child or creating a retirement plan, having a team of dedicated advisors puts your goals within reach.

In addition to working closely alongside you to ensure you receive continued support, we perform the following tasks to meet your ever-changing needs:

Cleaning Up Your Financial Records: Many of our clients need help organizing their accounts. Our CPAs aim to develop a sturdy and clean personal ledger by poring through financial records including income statements, bills, investment reports, and brokerage statements.

We then advise on ways to manage cash flow and calculate the amount of taxes owed. We are proud to help our clients become empowered with the latest tax-knowledge, so they can make better financial decisions and achieve greater financial security.

Retirement Planning: Most clients who visit our office have 401k plans, 403b plans, or individual retirement accounts (IRAs), but don't necessarily understand how they benefit from these accounts after their working days have ended.

We explain the difference between a ROTH and traditional IRA and how you can benefit from each one today and in the future. We will analyze your accounts, and what kind of investments you have made to ensure that your money is safe and invested properly.

When you look for our company to plan your retirement, we protect your assets and plan to help them grow. We use our education and training to find effective ways to reduce your liability by reducing income tax.

Estate Planning: This is the process of managing the assets of an individual when they are no longer able, or after passing away. The expertise of our CPAs becomes useful in determining how your finances are to be handled, whether they are bank accounts, stock market investments, or insurance policies.

We coordinate with your legal representative to ensure that your property is handled exactly as you intended.

Financial Care for Seniors (Elder Care): We manage the finances of senior clients, from paying bills, to working with attorney-powered relatives. Our compassionate staff helps to make life more enjoyable by relieving undue financial stress.

How Can Personal Financial Planning Benefit Me?

You're not alone when you don't have a personal financial plan set in place. Why bother with creating a financial plan? After all, it’s easier and cheaper to keep doing what you're doing. The truth is, without a strong strategy in place, you're not going to get where you want to be either.

Here are ten powerful reasons why financial planning can help get you where you want to be. 

Income: Earnings can be managed more effectively by planning. Managing income helps you understand how much money you're going to need for tax payments, other monthly spending, and savings.

Cash Flow: Increase cash flows by monitoring your patterns and expenditure carefully. Tax planning, prudent spending, and careful budgeting will help you maintain more of your hard-earned money.

Capital: An increase in cash flow can result in a capital increase. To improve your overall financial well-being, you can also consider investments.

Family Security: Providing financial security for your family is an integral part of the financial planning process. It can provide peace of mind for you and your loved ones by having proper insurance coverage and policies in place.

Investments: Your circumstances, objectives, and risk tolerance are considered when creating a financial plan. It acts as a guide to help you select the right investment types to fit your needs, personality, and goals.

Standard of Living: In difficult times, the savings created by good planning can be beneficial. For example, if the family breadwinner is no longer able to work, you can make sure that there is enough insurance coverage to replace any lost income.

Financial Understanding: Better financial understanding can be achieved by setting measurable financial goals, understanding the effects of decisions, and reviewing results. This gives you a whole new budget approach while improving your financial lifestyle.

Assets: A nice, asset-shaped 'cushion' is desirable. But many assets come with attached liabilities. So, determining an asset's real value becomes important. Knowledge of liability settlement or cancelation comes with understanding your finances. The overall process helps to build assets that in the future will not become a burden.

Savings: It used to be called "saving for a rainy day." But you may still be thrown off track by sudden financial changes. Having liquid investments is good. These investments can be used in emergencies or for educational purposes.

Ongoing Advice: It is critical to establish a relationship with a financial advisor that you can trust to achieve your goals. Your financial advisor will meet with you to evaluate your current financial situation and develop a comprehensive plan tailored to your needs.

Meeting an advisor is the first step in developing your financial plan. This complimentary process starts with a review of your current financial circumstances, anticipated changes, future goals, and customized plan results. Call Ray & Gregory, PC. to book your evaluation today.

Professional Tax Planning, Preparation, and Resolution

Tax planning and preparation are vital services that help you save money year after year. Utilizing our expert knowledge of tax policy, our CPAs help individuals achieve immediate and long-term tax success, protecting their finances from penalties and improper filing. We meet with you one-on-one, tailoring our services to your portfolio and needs.

Precise and Efficient Tax Preparation

We go beyond the standard tax preparation assistance. Our goal is to help you understand exactly what you're paying on the return of the year and how much you're going to get.

We help many to pay only what is owed, rather than under or overpaying, which can complicate tax situations. Our CPAs understand the ins and outs of tax policy and will pair your finances to the right credits and deductions when applicable.

Our tax services present an opportunity for many individuals to reduce what they owe overall or to gain a more favorable standing once the return is completed. With all appropriate paperwork, which includes receipts and financial records, we can organize your information for more effective filing the following year.

Year-Round Tax Planning for Year-Round Success

Many underestimate the skills needed for tax organization and preparation of paperwork, especially when the due date is right around the corner. Through tax planning, we offer a unique approach.

This forward-focused service is designed to provide tax success to customers throughout the fiscal year. Whether filing paperwork or organizing records for the right deductions, planning adds a layer of certainty for filing next year and allows any errors to be caught and/or previous issues to be addressed.

This also helps sole owners and contractors who rely on us to correctly estimate how much is owed monthly, protecting their budget against overspending pitfalls. In all cases, our goal is to limit and eliminate IRS or state government penalties and audits.

Solving your Tax Problems with Qualified Tax Resolution

We thoroughly consult with our clients about their tax issues and provide a comprehensive audit. We offer services that can solve the problem, or correct an incorrectly filed return, depending on the issues we find. This benefits individuals who need to view their accounts independently.

We are skilled in discovering errors or inaccurately reported documents, which we then pair with the appropriate solution. Clients can rely on us for trustworthy assistance, restoring financial confidence and potentially reducing penalties.

We provide professional tax resolution for the following:

  • Liens
  • Garnishment
  • Back Taxes
  • Amended Returns

How Can I Plan Now for My Retirement Later?

Retirement planning is vital to ensure a long and fruitful retirement. Unfortunately, many people are putting off planning or saving, missing opportunities and potential growth over the years.

Planning for retirement begins by comparing your current finances with your retirement goals. From there, we can determine how much you need to save and help you identify ways of protecting and expanding your capital.

Your retirement plan changes as your life situation changes. We help you to regularly review your plan and make sure your plan stays on track and evolves to your new priorities and major life events. We are always ready to answer any questions you have regarding your plan.

How Do I Know How Much Money to Save for My Retirement?

Just as every individual is unique, so will be their retirement plan. We begin by finding out what is important to you to help you figure out how much you need to save.

Below are five vital questions we will be asking you when creating your retirement plan:

  • By what age would you like to retire?
  • When you retire, where do you want to live?
  • What kind of activities or hobbies would you like to pursue?
  • Are you planning to travel?
  • How do you fit your loved ones into your retirement life?

We can estimate how much you will need to enjoy the retirement you want once we understand your goals. This includes adjusting for expected inflation and considering unexpected financial needs, such as health care and assisted cost of living. This will give you a number that you can reach with confidence while working towards your retirement.

Do I Really Need an Estate Plan?

You might be surprised to hear that if you haven't planned for your estate, you've already had one technically- just not one that you control.

Each state sets its own property plan, so if your wishes are not recorded, the state will decide how to divide your assets and property. This may eventually be the opposite of your wishes and may leave your loved ones waiting for a long time in probate.

Having a personalized estate plan ensures complete fulfillment of your wishes, and better ensures your loved ones are taken care of.

How Can We Help Elderly Clients?

It is important to many of us that we maintain independence as we age. By helping with day-to-day finances, we make it easier for older clients to preserve their independence. We provide financial services to ensure that your loved ones are safe in their home and lifestyle, from balancing accounts to ensuring bills are paid. We assist our elderly clients with essential duties and keep family members informed about the situation.

Helping Secure You Now and In the Future!

At Ray & Gregory, PC., we are a full-service accounting firm serving individual throughout Tullahoma and Murfreesboro. We can help you plan for the future, save money on your tax returns, and stay out of trouble with the IRS. Make an appointment today to discuss all your financial and tax needs - for the coming year, and well into the future.