Tax Services

Tax Services such as Tax Planning, Tax Returns, and Payroll Taxes

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 we try to provide high value tax accounting prices.

Tax Services

What Tax Services Make Sense

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

Best known is the annual 1040 Return you send the IRS as your tax return by April 15, but business returns usually fall into the 1065 (Partnership), 1120 (Corporation), or 1120S (S-Corporation) returns, though some unusual businesses file different returns. This is the most basic sort of compliance needed, because eventually, the IRS will stick liens on your property or even arrest you for non-compliance. Whether as part of an monthly Accounting as a Service outsource accounting packages, or a simple Tax Client, we handle tax returns for over 100 entities every Spring.

Tax Planning and Strategy

Minimizing your Tax Burdens

By arranging your financial affairs properly, we can minimize your tax obligations and maximize your wealth building. Tax planning isn’t a one-time affair, we review your finances throughout the year and make certain that you are making the moves necessary to avoid surprises on April 15. By looking holistically at your business and personal affairs, we can help you figure out how to minimize payroll, income, and other taxes by choosing where to allocate expenses. The tactics used to manage your tax obligation are pretty straightforward, what makes us different is Bette’s personal attention to make certain that all appropriate measures are taken 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 people start out doing their tax returns, and then find that their financial life gets more complicated. Simple individual tax returns are straight-forward, you add up your W-2s, add any 1099s, and then look at deductions. With the standard deduction growing to $12,550/person and $25,100/couple for 2021, most middle income individuals will just take the standard deduction, even with a large mortgage. Higher income individuals may still benefit from itemizing, particularly if they max out their $10,000 (State and Local Tax) deduction plug a mortgage. Even moderate amounts of business income with write-offs can easily be done on Schedule C.

However, once you have extensive taxable income from non-wage sources, business tax returns to manage, or complicated questions around timing, it is often helpful to bring in a professional. Not only will we help you avoid mistakes, we can point out opportunities for you to better plan your financial matters. While our boutique firm really specializes in business owners, many local CPA practices specialize in individual returns, so it makes sense to consider your options.

Success doesn’t just find you. You have to go out and get it.

Your Success is Our Success!