TAX PREPARATION & PLANNING
Comprehensive Tax Services with Strategic Insight
Our tax services extend well beyond basic return preparation. We proactively analyze your financial position to identify strategic opportunities for minimizing current and future tax liabilities through thorough planning and review.
When preparing your tax return, we can also examine prior-year filings for potential inaccuracies or missed deductions that may have resulted in unnecessary costs. By staying abreast of the latest changes in tax legislation, we ensure you're informed and positioned to take advantage of applicable credits and strategies.
Should a tax audit arise, we are fully authorized to represent you before the Internal Revenue Service (IRS), providing expert guidance and advocacy throughout the process.
We can assist you with any of the following areas:
- Multiple States
- Single Member LLC
- Sole Proprietor
- Tax Planning
- Amended Returns
- Back Taxes (Delinquent)
- IRS Representation
- ITIN Applications
- Electronic Filing (E-Filing)
- Business Start-Ups
Some typical questions we receive from clients:
- Do I need to file estimated taxes?
- What are the penalties associated with not filing or paying my taxes on time?
- Can I combine my business with my personal taxes?
- What records do I need to support my tax returns?
- How can I reduce the chance of being audited?
- How do I file my delinquent taxes?
- How do I respond to IRS correspondence?
- Do I have to take a distribution from my qualified retirement plan?
- How much taxes will I owe if I invest in real estate?
- Will I be taxed on my investments?
- How do I best minimize my taxes?
- What are the tax consequences of a divorce?
- Who can I claim as a dependent for taxes?
- Do I need to file a tax return for out-of-state earnings?
- Will I need to pay taxes on my Social Security income?
- What will be the tax consequence of selling my shares of stock?
- What is the basis of my investment?
- What type of qualified plan should I have for my business?
Possible Individual and Business Tax Strategies
- Attempt to Maximize Tax Deductions and Credits: Reduce taxable income through deductions or by reducing tax owed through credits. This can include credits for children, dependent care, and education, as well as deductions for student loan interest, IRA contributions, 401(k) contributions, HSA contributions, charitable contributions, and medical expenses.
- Contribute to Qualified Retirement Accounts: Maximize contributions when possible to accounts like 401(k)s, 403(b)s, and IRAs to reduce taxable income and take advantage of tax-deferred growth.
- Make a Roth Conversion: Convert a traditional IRA to a Roth IRA if you expect higher future tax brackets.
- Use a Health Savings Account (HSA): HSAs provide a tax advantage for those with high-deductible health plans: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.
- Implement Tax-Loss Harvesting: Investments can be sold at a loss to offset capital gains and potentially reduce ordinary income.
- Manage Capital Gains: Holding investments for longer can qualify you for lower long-term capital gains tax rates.
- Consider Municipal Bonds: Interest from municipal bonds is often tax-exempt federally and sometimes at the state level too.
- Implement Charitable Giving Strategies: Donating appreciated assets can offer a double tax benefit by allowing deductions and avoiding capital gains tax. A Donor-Advised Fund (DAF) can provide immediate deductions with later distribution to charities.
- Review and Adjust Withholding: Ensure accurate withholding to avoid underpayment penalties or a large refund that could be used sooner.
- Utilize Estate Planning Tools: Trusts and gifting assets during your lifetime can help reduce estate taxes.
- Maximize Deductions: Businesses can deduct ordinary and necessary expenses, including rent, utilities, supplies, marketing, wages, business vehicle expenses, and home office expenses.
- Choose the Right Business Structure: Structure impacts tax liability. LLCs and S corporations offer pass-through taxation, while C corporations may have corporate income tax but offer other advantages.
- Leverage Tax Credits: Credits directly reduce tax. Examples include the Work Opportunity Tax Credit and the Small Business Health Care Tax Credit. Research and Development (R&D) Tax Credits are also valuable.
- Optimize Retirement Plan Contributions: Contribute to plans like SEP IRAs or Solo 401(k)s for tax-deductible contributions.
- Delay or Accelerate Income: Timing income and expenses can shift income to a lower tax bracket.
- Utilize the Qualified Business Income (QBI) Deduction: Pass-through entity owners may deduct up to 20% of their QBI, subject to limitations.
- Use Tax-Efficient Business Practices: Defer business income, accelerate business expenses, and use accelerated depreciation when possible for assets to reduce taxable income.
- Use a Home Office Deduction: Deduct a part of home expenses associated with a dedicated space used exclusively for business.