Tax Services
Comprehensive Tax Solutions: Planning, Returns, and Payroll Expertise.
The most common reason people first engage a CPA is Tax Services, before learning of the wealth of service offerings we have that can help you grow your wealth. All taxpayers have to file regular tax returns, and filing them accurately and timely is the best method to avoid penalties, fines, and interest.
In addition to our popular accounting packages, we offer traditional hourly billing and provide high-value tax accounting prices.
Tax Services
Choosing the Right Tax Services for You
Tax Services fall into two categories, planning and compliance. Tax planning focuses on making the decisions to minimize the tax burden, or more accurately, maximizing the after tax benefit. Compliance refers to the general management of filling out all the forms required by the IRS and state revenue departments to comply with the tax codes.
Tax Returns and Preparation
Tax Services for Business and Individuals
The annual 1040 Individual Tax Return, due by April 15, is a familiar requirement for many. For businesses, tax filings often include the 1065 for partnerships, 1120 for corporations, and 1120S for S-corporations, with some unique businesses requiring different forms. Ensuring compliance is crucial to avoid potential IRS penalties, such as liens or legal actions. Our firm expertly manages tax returns for over 100 entities each spring, whether as part of our comprehensive outsource accounting packages or through our dedicated tax services. Let us handle the complexities of your tax filings with precision and care.
Tax Planning and Strategy
Minimizing Your Tax Burdens
By strategically organizing your financial affairs, we aim to minimize tax obligations and enhance your wealth-building potential. Tax planning is an ongoing process, and we diligently review your finances year-round to ensure you’re prepared and avoid any surprises come April 15. By taking a holistic view of your business and personal finances, we help you effectively allocate expenses to reduce payroll, income, and other taxes. While the tactics we use are straightforward, what truly sets us apart is Bette’s personalized attention, ensuring that every step is taken to optimize your financial strategy throughout the year.
Payroll Services
Federal and State Payroll Compliance
Any business with employees, or owner operated S-Corporations, must run payroll to be in compliance. If you fail to file your payroll reports on a regular basis, the penalties and interest can be quite extreme. It is included in all our packages, starting with our Starter Package, but we can also setup your Payroll on a one time engagement.
Business or Personal Returns?
We Handle Both!
Small business owners need to make their tax decisions with both the business and personal impact in mind. Most small firms only do personal returns, and most mid-sized firms have separate teams and departments. We believe that to fully service our business clients, we need to holistically address their needs.
Back Tax Returns
Catching up With the IRS Quickly
Usually triggered by an IRS inquiry, we often have clients that need to file 2-4 years of back tax returns all at once. As penalties and interest pile up, and the records get older, we need to move quickly to get you into compliance. Depending on how far down the road of tax problems you are, you may need more complicated compliance changes, or simply filing your back tax returns can be sufficient. Sometimes you have a tax attorney managing your IRS representation and you need tax returns done quickly, so this is available as a one time service. Often you have recently been notified by the IRS, and this is part of a larger IRS Representation Situation.
DIY or Professional Tax Services?
Let’s Discuss Your Situation.
Many individuals start by managing their own tax returns, but as their financial situations become more complex, they often seek professional help. Simple individual tax returns are straightforward: you total your W-2s, add any 1099s, and consider deductions. In 2024, the standard deduction has increased to $14,600 for individuals and $29,200 for couples, making it the preferred choice for most middle-income earners, even those with sizable mortgages. However, higher-income individuals might still benefit from itemizing, especially if they maximize their $10,000 State and Local Tax deduction along with a mortgage. Additionally, moderate business income with write-offs can be efficiently managed using Schedule C.
However, once you have extensive taxable income from non-wage sources, business tax returns to manage, or complex timing questions, it’s beneficial to bring in a professional. We not only help you avoid mistakes but also identify opportunities to enhance your financial planning. Our boutique firm specializes in serving both businesses and individuals, offering personalized and expert guidance tailored to your unique needs.
Tax Services FAQs
What falls under tax services and how do I choose the right option?
Tax services include planning and compliance. Planning reduces taxes through timing, entity choice, deductions, and credits. Compliance covers accurate, on time filings with the IRS and states. We recommend a quick consult to match your needs to the right package.
What is the difference between tax planning and tax compliance?
Tax planning focuses on strategies that legally lower taxes and improve after tax income. Compliance is preparing and filing required federal and state forms correctly and on schedule to avoid penalties and interest.
Which tax returns do you prepare for businesses and individuals?
We prepare 1040 individual returns and business returns including 1065 partnerships, 1120 corporations, and 1120S S corporations. We also handle trusts, estates, and multi-state filings when needed.
When are business and personal tax returns due?
Most 1040 returns are due April 15. Calendar year 1120S and 1065 returns are due March 15, and 1120 C corporation returns are due April 15. Extensions move the filing date, but taxes owed are still due by the original deadline.
Should I file an extension if my books are not ready?
Yes, an extension protects you from late filing penalties. You should still pay your expected balance by the original due date to limit interest and late payment penalties.
Do you offer both hourly and fixed price tax services?
Yes. We offer transparent hourly billing and high value fixed prices inside our accounting packages. After a quick scope, we provide a written quote so you know costs in advance.
What documents do I need for an individual return?
Photo ID, prior year return, W-2s, 1099s, K-1s, 1098 mortgage, HSA and retirement forms, brokerage statements, crypto reports, and records for deductions or credits. We send a simple checklist.
Is a DIY tax return still a good idea in my situation?
DIY works for simple W-2 income. If you have equity comp, rentals, K-1s, multi-state income, or a business, a CPA helps avoid mistakes and finds savings through planning and clean compliance.
What are the 2024 standard deduction amounts and should I itemize?
For 2024 the standard deduction is $14,600 for singles and $29,200 for married filing jointly. Itemizing can still help higher earners with mortgage interest and allowable deductions up to the $10,000 SALT cap.
How do you handle payroll tax compliance for my business?
We set up payroll, file federal and state payroll returns, and remit taxes on schedule. For S corporation owners, we calculate reasonable wages to keep you compliant and reduce risk of penalties.
Can you prepare both my business return and my personal return?
Yes. Coordinating business and personal returns helps align owner pay, distributions, and estimates so there are fewer surprises and a lower total tax bill.
I received an IRS notice or CP2000. Can you help?
Yes. We review transcripts, reconcile the issue, and respond on time. If tax is due, we minimize penalties and set a payment plan. If the notice is wrong, we prepare a supported response.
What if I have back tax returns to file?
We pull IRS wage and income transcripts, rebuild records, file past-due returns fast, and request penalty relief when possible. Getting current limits liens, levies, and additional notices.
Do you work with clients outside Florida and with multi-state taxes?
Yes. We serve clients nationwide through secure cloud tools and handle multi-state income tax, sales and use tax, and apportionment as you grow across state lines.
How quickly can you start and how long does preparation take?
We can start after a short intake and document upload. Simple returns are often completed in days, complex business and multi-state returns take longer. We provide a timeline and keep you updated.
What results should I expect from year-round tax planning?
Clear estimates, fewer surprises, lower legal tax through timing and credits, and better cash flow. We align tax with bookkeeping and payroll, then review quarterly to keep your plan current.
How do I get started with your tax services?
Schedule a Zoom, upload your last return and current documents, and we will scope your needs, quote the fee, and begin with a clear checklist and deadlines so filing is smooth and on time.
