McCullough and Associates are experts on personal tax law and tax preparation.

Personal Taxes

Preparing your own taxes can be very confusing and can leave you questioning if you received the return you deserve.  Even using do-it-yourself computer software can raise more questions than it answers.

The tax professionals at McCullough & Associates, LLC will:

  • Prepare and review your tax return so that you receive all the deductions and credits for which you qualify.
  • Electronically file your return so that you receive a refund sooner.
  • Advise you in adjusting your payroll withholdings so that the balance between tax refund and paycheck amounts is best suited for your needs.
  • Explain to you potential deductions to limit your tax liability for the next year.
  • Represent you in the event that you are audited by federal or state agencies.

Amount of tax to be paid on a traditional IRA account all depends on your age.

Your age at the time you make a taxable withdrawal from your Traditional IRA account can make a big difference in the amount of tax you will pay. Generally, there are three periods within your lifetime where different tax rules apply:

  • Under Age 59  ½ - If you withdraw the IRA funds before you reach age 59 ½, you will pay tax and a 10% early withdrawal penalty unless you can avoid the penalty through one of the several exceptions provided in the tax law. Note: Some states also have small early withdrawal penalties.
  • Age 59  ½  to Age 70  ½ - During this period you can make withdrawals of any amount without penalty. You are only subject to the income tax. 
  • Above Age 70  ½ - After reaching age 70 ½, you must begin taking at least the required minimum distributions or face the 50% excess accumulation penalty.

Association of Certified Fraud Examiners - CFE
Member of AICPA - National professional association for CPAs
Missouri Society of Certified Public Accountants