Individual Tax Preparation

Filing taxes can feel overwhelming. Between gathering all the necessary documents, understanding the rules, and meeting deadlines, it’s easy to see why so many people get overwhelmed. But breaking it down step by step can make it a lot less daunting—and give you a sense of control in the process!  Whether you’re filing an individual or small business return, it’s easy to overlook deductions and credits you may be entitled to, and while tax software programs can help, there’s no substitute for the guidance of an experienced tax professional.

Here’s how we can help:

• Start with a complimentary review of your previous year’s return. This review offers insight into your tax history and often leads to suggestions for improving your tax outlook going forward. In some cases, we can even amend your previous return to help secure a refund.
• Next, your return—whether individual or small business—we can prepare and carefully review your return to ensure accuracy and compliance with relevant standards.
• Lastly, your return will undergo an analysis using advanced software to identify any potential issues and review all math calculations. The goal is to ensure a precise return that won’t face unnecessary scrutiny from the IRS.
• In most cases, your return will be filed electronically, so you can receive your refund more quickly.

Business Tax Preparation

Businesses come in all shapes and sizes, and they typically require experienced professionals to handle their income tax returns. We specialize in preparing various types of business returns, including:

• Schedule C of Form 1040 (Sole Proprietorship)
• Form 1065 (Partnerships)
• Form 1120S (S Corporations)
• Limited Liability Companies (filing as one of the above)

Tax preparation fees vary depending on the complexity of the return (e.g., number of forms required, partners or shareholders involved, etc.). Feel free to reach out for a complimentary quote on your tax return preparation.

First Year Business Tax Returns

If your business is in its first year, there are several key decisions to make when preparing your tax return. One of the primary choices is whether to file using the cash or accrual basis.

• Cash basis taxpayers recognize income when it’s received and expenses when they’re paid.
• Accrual basis taxpayers recognize income when earned and expenses when incurred.

Choosing an accounting method is crucial, as it will impact your business’s tax returns long-term. Additionally, certain businesses, depending on their revenue or inventory size, may be required to use the accrual method.

Other factors often impacting first-year business returns include depreciation methods, home office deductions, auto expenses, non-employee compensation, and self-employment tax. These areas may require research or professional guidance to ensure accuracy.

Business & Individual Tax Planning

Effective tax planning is essential for legally minimizing your tax liability. We go beyond simple tax compliance, proactively recommending strategies that maximize your after-tax income for both individuals and businesses.

Our team prioritizes staying current with evolving tax laws, complex regulations, and new changes by attending regular tax seminars and webinars.

We offer customized Tax Saving Strategies to help you:

• Defer income to retain more of your money now, while minimizing tax payments later.
• Reduce taxes on your personal or business income to maximize what you keep from your earnings.
• Minimize estate taxes to ensure your family or heirs receive more of the wealth you’ve worked to build.
• Lower taxes on investments to accelerate wealth growth and optimize returns.
• Reduce taxes on retirement distributions to ensure a more comfortable retirement.

Here are just a few of the Tax Saving Strategies we recommend:

• Income Splitting: Distribute income across multiple family members or legal entities to take advantage of lower tax brackets.
• Income & Expense Shifting: Strategically shift income or expenses between years to minimize tax liabilities by taking advantage of lower tax rates.
• Tax Deferral through Investments: Utilize pension plans, retirement contributions, and other investment options to defer tax liabilities and grow your wealth.
• Tax-Exempt Income Strategies: Invest in options that generate income exempt from federal or state taxes.
• Tax Deductions for Personal or Business Expenses: Structure your finances to pay for expenses like a vacation home, making them tax-deductible where possible.

Let us help you implement these strategies to keep more of your hard-earned income while remaining compliant with tax laws.