Jefferson Wells, CPA, keeps clients informed about tax advantages
With the month of December almost gone, Chattanoogans are reminded that the close of 2013 is rapidly approaching. Jefferson Wells, CPA, is working to see to it that his clients are ready.
“Between now and year-end we do lots of tax planning with our clients,” said Wells. “There are two types of taxpayers: the informed and the uninformed. We try to keep our clients informed.”
For example, people often don’t know to use their investments for a tax advantage, he said.
“We review their tax and financial information, then make suggestions to help decrease the tax burden paid in previous years,” said Wells, adding that most people pay too much in taxes each year and it’s his job make sure that doesn’t happen. “This year there have been a number of tax increases from the Affordable Care Act that many people are not aware of and they need to be,” he said. “We’ve gone through those changes with our small businesses already, and individuals are next.”
Potential clients need only bring Wells a copy of their prior tax return and he will review it at no charge. From there, he guides those who opt to take advantage of his services in regards to any amendments that need to be made and consults with them if further investment or estate planning needs to be done.
“In most instances, we find that about 40 percent of tax returns are done incorrectly, and that number jumps to 70 percent when they are self-prepared,” Wells said. “We can amend those returns.”
Wells and his staff handle tax planning, business accounting, estate planning and more for small businesses and individuals alike. Wells is security and insurance-licensed. The local CPA also has a large tax practice that’s split evenly, with half of his clientele being individuals and half corporate or trust accounts.
“That side of our business grows every year,” said Wells. “We help nonprofits as well.”
On the accounting side, Wells’ services to his clients consist of not just taxes, but monthly financials, compliance reports, business returns, payroll reports and more. His practice also offers payroll services. In all of his work, Wells said he wants his clients to know that he is there to meet their needs.
“We’re here year-round,” he said. “We always answer the phone, and everyone gets their calls returned the day that they call. We pride ourselves in our service to our clients, which helps them to better manage their businesses.