Ms. Yolanda Robinson provides a free over the phone 30 minute consultations to all prospective clients.
This meeting is held to develop an understanding of your needs and financial goals. Upon completion, recommendations will be provided regarding the options of assistance that Journey Financial Planning & Tax Services can provide. The future holds exciting opportunities and it’s never too late!
We are a Fee only financial planning firm. We do not sell investment products; therefore, we do not receive commissions from the sale of investment products. As a fee-only financial planning service, conflicts of interest resulting from the sale of financial products are removed. We represent you and you alone.
You will receive a cost estimate specific to your circumstances prior to engaging. This cost depends on the scope of the work performed (e.g., family size, extent of planning needs, and cash flow). For all financial planning services a minimum deposit of 1/2 of the fee is payable when the agreement is signed, then an annual fee is paid monthly.
Comprehensive Financial Planning Service
Financial planning is comprehensive when it looks at every aspect of your finances and integrates them into an overall plan that acts as a blueprint as you manage your finances. This comprehensive plan is built on the foundation of your goals, objectives, priorities and values-the big picture of your financial life.
Journey Financial Planning & Tax Services will analyze your information and develop a comprehensive financial plan that will guide you in living an abundant life. The financial plan will provide an overview and assessment of your current financial status and recommendations to strengthen your stewardship practices and to enhance your overall financial well being. We will review your plan, discuss your options, and decide how best to implement the recommendations.
Our office will work with other professionals to ensure a unified team approach to reaching your goals. We will modify your plan as necessary to reflect the changes in your goals, life circumstances, current laws, and market conditions. Comprehensive financial planning service covers a 12-month period from the date of the initial agreement. Comprehensive financial planning clients may engage Journey Financial Planning Services for our investment management services.
Investment Management Services
You have goals, but how should you invest your money? Have you made good choices so far? Do you have the right investment mix? Investment planning can be used as a stand-alone engagement or combined with a financial plan. We can recommend investments that you can purchase directly at a bank, insurance company, online broker or mutual fund company. During the process we will review your goals and recommend what to buy or what to sell based on your objectives, time horizon, and risk tolerance.
Upon completion of an investment plan you will receive an analysis of your current portfolio and an action plan to create a well diversified portfolio using carefully selected investment vehicles suitable to your situation. We consider cash flow needs, inflation, taxes, and economic and market conditions when executing your portfolio. We provide ongoing portfolio review and make investment changes as needed.
Investment management services are billed independently from financial planning services. AUM fees are billed quarterly in advance and is typically deducted directly from your portfolio. (AUM Fee Structure provided during initial consultation) There is no minimum account value or minimum fee for our investment management services.
For your protection Journey Financial Planning & Tax Services does not take possession of your investments at any time, your accounts are held with a qualified custodial bank.
Philanthropic Planning & Charitable Giving Strategies
One of the key benefits of having a comprehensive and strategic financial plan is to be able to give generously. Helping clients with their plans for giving is one of our passions. Generous giving needs a strategic plan, not just knowledge of the tax laws that govern “deductions.” With wise philanthropic advisory services, your giving plan can help you:
- Realize a deeper personal satisfaction from making a difference
- Gain a thorough understanding of the financial implications of giving
- Understanding the strategies for giving assets in addition to giving cash.
- Coordinate a giving strategy with your financial plan
- Feel confident that you are giving in a tax efficient manner
- Prioritize your passions and goals for philanthropy
- Most importantly, we can help you benefit from the freedom and personal joy that giving generously brings to bear on the giver.
Net Worth Check Up
This is a high level analysis of your current financial health with the primary focus on retirement, savings rate, savings vehicles and debt pay down. It is a very basic financial review, but it provides an opportunity to address immediate financial problems. Upon completion you will receive your current financial statements along with a checklist of action items to help improve your financial health. If desired this type of project can grow into a full financial plan later on. Investment advice is not included, but can be added later.
Cash Flow Planning
A cash flow based plan is a good choice for people in or near retirement. As with a goal based plan your questions are answered, but there is an emphasis on cash flow and budgeting. Upon completion you will receive a financial plan that illustrates where you are now, where you would like to go and a step-by step plan to get there. Investment advice is not included, but can be added later.
Special Planning Needs
Sometimes families change in unexpected ways. Divorce, in particular, is a special situation that requires a thoughtful analysis of its long-term financial impact for all family members. In addition to an attorney, a financial advisor should be one of the first professionals you contact as you begin the legal separation or divorce process. Utilizing her expertise in financial planning and taxes, Yolanda can help you think through the financial costs of divorce, develop a realistic picture of your financial lifestyle, and make a plan for achieving your new financial goals.
Ms. Robinson can help you process the financial issues related to your divorce or legal separation and better plan for this transition in your family’s life some of the areas include:
Valuing Property, Pension and Retirement plan issues, Tax Problems & Solutions, Personal vs Marital Property, Budgeting, Changing Insurance Needs, Changing Retirement Objectives & Plans.
In addition, the loss of a spouse is a very tragic event in someone’s life. Not only are you coping with many emotions but at the same time may need to make critical financial decisions. We can help you simplify the process of getting your finances in order during this very difficult time. We will work with you and your attorney, insurance agents and other advisors to help you feel more secure about your financial future
Some people just need a focused plan for eliminating credit card debt, or perhaps just end of year tax planning, or maybe help deciding if that house you would like to purchase will fit into the budget. Maybe you need someone to explain the difference between a Roth 401k and a Traditional 401k and which one is best for you? No problem, limited, focused projects are welcome.
College Planning Services
Financing college can be a complex and bewildering process. We will cut through all the “red tape” and jargon to develop a customized solution to your college funding needs.
- Understand the appropriate tools for saving such as 529 plans and the Roth IRA.
- Research all available scholarship opportunities to reduce student loans.
- In addition our College Planning Service includes the MAPP Career Assessment & Consultation.
If you own something you should have an estate plan to efficiently transfer property. Even if you think everyone knows your wishes the government or your family might have different views. Estate planning can provide many benefits including:
- Providing a means to pay federal estate taxes and other expenses related to your passing
- Provide income to your loved ones
- A charitable giving strategy and tactics for design, implementation, and administration of
- Tax-efficiency in distributing your assets
- A plan that is reviewed and adjusted as beneficiaries, assets, goals, circumstances, tax laws, and legislation change, if desired.
- Distribute your assets to family members with the least of amount of loss possible
- Provide for a child with special, long-term needs. To resolve complicated and emotional distribution of assets long before your plan will be used
- Alignment of your legal documents (provided by your attorney) with your goals and wishes to help your family organize and settle your estate.
Is life insurance needed and if so, how much? What about long term care insurance? What other insurance coverage should I have in place to protect me financially. We believe that an appropriate insurance program is critical for each client to prevent the financial hardship that often results from a huge loss. For small businesses this may mean protecting against the loss of a key person through a properly funded buy-sell agreement. For individuals this may mean protecting the family against the loss of an income producing member with disability and/or life insurance. Or perhaps a client’s top priority is to protect their assets against the soaring costs of a prolonged nursing home stay through long-term health care insurance.
Regardless of the insurance product needed, we have the flexibility to research a variety of carriers to find our clients the most competitive premiums in the marketplace. To determine the proper amount of insurance needed we perform survivor analysis using industry leading software. This approach provides our clients with the right amount of insurance at the right price.
Over the last thirty years the responsibility for your retirement has shifted from employers to you. Are you comfortable handling that responsibility on your own? You know you need to save for retirement, but do you have good choices in your 401k? Have you made good choices so far? Do you have the right investment mix? Upon completion of a 401k plan you will receive a professional analysis of your current 401k and an action plan utilizing the best options available in your plan
Today, there are many tax-advantaged investment strategies geared towards retirement savings. We work together with clients to determine the best retirement investment vehicles to use based on their tax bracket, liquidity needs, risk tolerance, time horizon and a host of other considerations. We specialize in the following retirement funding strategies:
• Roth IRA’s
• Traditional IRA&’s
• SEP and Simple IRA’s
• IRA Rollovers
• Fixed and Variable Annuities
• 403(b) Plans
Every financial decision you make, whether in your personal life or for your business, can have tax implications. At Journey Financial Planning & Tax Services, LLC. we believe that providing effective Year-Round tax services which goes beyond simple tax return preparation to comprehensive tax planning to help you assess and manage the impact your financial decisions have on your taxes and your larger financial picture. As a tax professional Ms. Robinson will not only accurately prepare returns for all types of entities, including individuals, corporations, partnerships, trusts, estates, clergy, full time ministerial staff and not-for-profit organizations, but, as your trusted advisor, she can assess the tax implications of your financial decisions, formulate a tax strategy to minimize your liability, and proactively monitor significant changes to both tax law and to your finances to help you stay on track.
Tax planning is an important component for your overall financial plan.
Careful planning throughout the year can assist you in reducing the taxes you pay as well as help you achieve your financial goals.
Tax planning should not be done in isolation, but instead should be driven by your overall financial goals and integrated with your total financial plan. By developing and implementing appropriate strategies to lessen or shift current and future tax liabilities, you can improve your prospects of meeting long- and short-term objectives. Analysis that your tax withholdings or estimated tax payments are sufficient. Estimation of marginal and effective tax rates, and federal and state tax liabilities. For example, accurately projecting your income taxes can help you determine the cash flow available to you in the coming year. Tax laws are complex and frequently change.
Tax Preparation Services
- Personal Taxes
- Business Taxes
- Charity & Not for Profit Taxes
- Clergy and Ministerial Staff Taxes
- Fiduciary Returns
- Estate, Gift, and Trust Tax Return Preparation
- Sales Tax Services
New Business Planning
Thinking of owning your own business? Opening your own business is exciting and thrilling. It’s everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It’s up to you to maintain and stretch out the “thrill and excitement” period forever.
A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture. Some of the areas we will help you with are:
- Prepare an initial plan to clarify your marketing, management, and financial plans.
- Determine your start-up capital needs
- Prepare a Cash Flow Budget
- Establish procedures to monitor and control costs.
- Identify your business insurance needs.
- Identify Small Business Loans, Investors (Prepare Financial Documents)
- Ongoing Financial Planning & Tax Accounting Services
Succession Business Planning
If you own a family business, retirement isn’t simply a matter of deciding not to go into the office anymore. Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord- or both. Developing an implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next. Some of the areas we will help you with are:
- Business Valuation
- Business Restructuring
- Tax Consequences
- Retirement Projections
- Tax Projections.
Small Business Accounting
We provide online and remote bookkeeping services for sole-proprietors and small to medium size businesses. Outsourcing your books to us will be a cost effective decision compared to hiring in-house. We can service your books no matter where you are located.
We provide our business customers daily, weekly, monthly, quarterly and annual accounting services including:
- Streamlined approach to data entry of banking and credit card transactions
- Managing Accounts Payable; Entering and paying bills.
- Managing Accounts Receivable; Invoicing, entering receive payments and deposit
- Banking, credit card, loan, investment and merchant account reconciliations
- Sales and use tax compilations and filings
- Job costing, department and class tracking, location tracking, and tracking customer deposits/retainers
- Payroll allocations, currency conversions and accounts receivable financing/factoring reconciliation
- Financial management reporting and cash flow forecasting
- Annual 1099-misc and 1096 annual filings
Foundations to Wealth Coaching Services
This service is designed to help our clients build a solid foundation upon which their long-term wealth will be based. Converting earned income into lasting wealth is no easy feat and requires tremendous discipline and smart planning. While cash-flow planning, budgeting and establishing an emergency fund might seem trivial, these elements comprise the bedrock of a great financial plan. Within this service a customized financial road map will be developed for your individual goals. In addition this service will assist you with fixing any problems within your credit profile (repair, rebuild and educate) In addition this will include implementation support and coaching for executing your financial plan action-items.
- “Beginners” to financial planning and/or those without dependents
- Anyone feeling overwhelmed by expenses and/or debt
- Anyone not generating enough income to invest outside of their employer retirement plans
- Topics Addressed Include the Following:
- Financial Goals and Commitments
- Comprehensive Credit Repair
- Cash Flow & Savings Strategy for different goals
- Work Place Benefits (includes retirement plans such as 401K & similar)
- Debt (Student Loans, Credit Cards, etc.) & Credit Profile
- Navigating a financial crisis
- Poor spending habits,
- Creating and/or living within a budget
- Income Protection (Disability Income Insurance)
All of our clients have the benefit of utilizing one of our network of attorneys for legal services as it relates to Business Formation or Estate Planning (Last Will and Testament, Living Will, Financial Power of Attorney, Living Trust etc.)