Taxes – Tax Filing and Tax Preparation
Individual Tax Preparation
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 last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program for tax filing, there’s no substitute for the assistance of an experienced tax professional.
Here’s what you get…
- Start with a complimentary review of your previous year’s return. This provides not only insight into your tax history but often results in suggestions to improve your tax outlook in the future. Sometimes, I am even able to amend your previous return for a refund.
- Next, your return will be prepared and reviewed to ensure accuracy and compliance with quality standards.
- Lastly, your return will be analyzed by innovative computer software to identify any potential problems and review all of the math computations. The goal is to prepare an accurate return which won’t be unnecessarily scrutinized by the IRS.
- In most cases, your return will be filed electronically so you will get a refund back quicker.
- Next, I will show you potential deductions to limit your tax liability for next year. In addition, I will review commonly overlooked deductions to limit the following year’s tax liability.
- I am also always available throughout the year for questions about tax management and additional tax planning services.
Business Tax Preparation
Businesses come in all shapes and sizes and generally require experienced professionals to prepare their income tax returns. I am familiar with the preparation of all types of business returns including:
- Schedule C of Form 1040 (Sole Proprietor)
- Form 1065 (Partnerships)
- Form 1120S (S Corporations)
- Limited Liability Companies (filing as one of the above)
The prices for tax preparation vary based upon the complexity of the return (i.e. number of different forms required, number of partners or shareholders, etc). Please contact me today for a complimentary price quote on your return preparation.
First Year Business Tax Return
If this is company’s first year in business, there are a number of important decisions the new business owner will need to make in preparing the tax return. One decision is whether to file the return on the cash or accrual basis.
As a cash basis taxpayer, income is recognized when collected and expenses, when paid.
As an accrual basis taxpayer, income is recognized when earned and expenses, when incurred.
The decision of accounting basis is important as it will affect the business tax return throughout the life of the business.
In addition, certain businesses because of revenue size or inventories must prepare their returns based upon the accrual method.
Other decisions often affecting first year business returns include depreciation method, home office deduction, auto expenses, non-employee compensation, and self-employment tax. These items may require research or the assistance of a professional.
Planning is the key to successfully and legally reducing your tax liability. I go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
I make it a priority to enhance mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars and webinars.
I recommend Tax Saving Strategies that help you…
- grow and preserve assets by keeping Uncle Sam out of your pockets.
- defer income so you can keep your money now and pay less taxes later.
- reduce taxes on your income so you keep more of what you make.
- reduce taxes on your estate so your family keeps more of what you’ve made.
- reduce taxes on your gifts so you can give more.
- reduce taxes on your investments so you can grow your wealth faster.
- reduce taxes on your retirement distributions so you can retire in style.
Here’s just a few of the Tax Saving Strategies…
- Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.
- Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
- Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
- Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
- Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.
Business tax preparation, tax management and tax filing are just a few of the things that we can help you with. We can also help with your personal income tax and audit services. Contact us today!
Remember, I work for you not for the IRS!