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.