Tax Preparation Services

Every individual who earns income above a certain minimum threshold must file an annual federal tax return and pay income taxes on the earnings. In addition, most taxpayers are required to submit a state tax return or multiple state returns depending on their state of residence and the states in which their income was earned. These returns can vary from simple 1040EZ and 1040A returns to very complex 1040 returns with numerous tax credits and tax deductions and multiple attached schedules. No matter what level of complexity your personal income tax situation presents, the professional accountants at our firm can provide you with expert tax preparation services that are guaranteed to deliver the maximum tax advantage possible for your particular set of circumstances.

Our personal income tax services extend far beyond meeting IRS and state tax compliance requirements though the preparation and submission of income tax returns. To the contrary, the tax professionals at our Firm are available all year round to help taxpayers identify and document tax credits and tax deductions and make valuable tax planning decisions that may provide significant tax savings at tax time. Such strategic tax moves include Roth conversions, balancing capital gains and losses and timing the purchase and sale of capital assets. Our team members are well aware of the fact that the utilization of available tax breaks and tax planning strategies increases the tax advantage of the clients they serve.

Although our tax team is happy to meet clients face to face and to receive hard copies of tax documents, we are set up to provide paperless, electronic delivery of the entire tax preparation process when that is the tax preparation method of choice. Our paperless process allows for the electronic delivery of tax data followed by the electronic review and signing of the completed returns and, finally, the electronic filing of the returns together with the payment of any taxes due.

If you are seeking expert tax preparation services in order to meet IRS compliance requirements and achieve the maximum tax advantage possible, the experienced staff members of our firm can provide you with the help you are looking for.

A corporation is the only business structure that is set up as an entity separate from its owners for tax purposes. Unlike pass-through entities such as sole proprietorships, partnerships, and limited liability companies whose profits pass through to the owners to be claimed on their personal returns, the profits of a corporation are taxed directly through the filing of a separate corporate tax return. Such a return is filed on IRS Form 1120 and will result in the corporation paying taxes at a corporate tax rate of between 15% and 35%, depending on the income of the business.

Because corporate tax law is somewhat complex, the filing of a corporate tax return may require the help of qualified tax professional in order to ensure that all filing obligations are met and the maximum tax advantage is received. Several of the areas of complexity involved with filing a corporate tax return are highlighted below although this list is by no means exhaustive.

• Taxable Profits: The taxable profits of a corporation must generally include dividends that are distributed to shareholders as well as any retained earnings.

• Tax Deductions: Tax law is written so as to allow a corporation to reduce its taxable income by deducting certain specific business expenses. These allowable deductions include start-up costs, employee salaries, and bonuses, operating costs, and costs associated with employee medical insurance and retirement plans, among other things.

• Shareholders: Shareholders must pay personal income taxes on any salaries earned from a corporation as well as on any bonuses and dividends received. While the salaries and bonuses are tax-deductible expenses of the corporate entity, dividends are not.

Tax law as it relates to corporations is intricate and complex. This being the case, the tax professionals at our firm stand ready to help your corporation with any and all of its corporate tax concerns.

A partnership is a specific business structure created when two or more individuals contribute assets to a company and then agree to share in its profits and losses. Although the profits earned by a partnership are subjected to an income tax, the entity itself does not file a separate tax return. Instead, each individual partner is considered to be self-employed and reports their share of the business profits and losses on their personal tax return. This tax structure has the advantage of allowing a maximum amount of flexibility when it comes to dividing profits in order to maximize tax benefits for the owners.

Although the partnership itself does not file an income tax return, it must file an information return to document any financial changes to the partnership entity. This information return, which is filed on IRS Form 1065, must report the gains or losses of the partnership together with any tax credits received or tax deductions taken. In addition to the information return, the partnership must issue a Schedule K-1 to each active partner and file a copy of the same with the IRS.

Outside of income taxes, partnership taxes are similar to those of any other business entity. If the partnership has employees, it must pay employment taxes. As is normally the case, these include federal and state withholding taxes, Social Security taxes, Medicare taxes, unemployment taxes, and workers’ compensation taxes. In addition, the partnership is responsible for paying sales and excise taxes when applicable.

If you are a member of a partnership and need help with tax preparation, tax planning, or any other bookkeeping or accounting task, the experienced staff members of our firm can provide you with the help you are looking for.

Whether you are an individual taxpayer or a business, effective tax planning is an important component of any strategy aimed at saving tax dollars. Because so many aspects of the tax code are time sensitive, ignoring the timing of tax-related decisions almost guarantees that taxes will be overpaid. Tax planning can save tax dollars through the use of such techniques as timing the allocation of funds, making maximum use of allowable tax breaks, and balancing gains with losses, among other things. These and other similar tax choices are aimed at reducing taxable income and lowering tax rates with the net result of decreasing tax liabilities.

One important element of tax planning for individual taxpayers is evaluating withholding allowances and estimated tax payments at the end of each tax year and adjusting them if there is a significant gap between taxes paid and taxes owed. Other time-sensitive tax-related decisions for individuals include making Roth conversions, gifting assets, and selling investment real estate. Effective tax planning for these taxpayers also involves matching capital gains with capital losses and moving funds between dividend and non-dividend paying investments.

Because taxes are one of the largest expenses of any business, business tax planning is an important element of profitability and long-term success. Due to the fact that the various business structures are subjected to different tax rates and types of taxation, entity selection is an important part of this process. Outside of this, tax planning for businesses involves making maximum use of available tax credits and tax deductions as well as accelerating or decelerating certain tax-related business activities such as purchasing real estate or equipment. It also includes planning ahead to meet all tax payments and filing deadlines in order to fulfill tax obligations and avoid tax penalties.

If your business is in need of expert tax or accounting services, the experienced staff members of our firm can provide you with the help you are looking for.

A nonprofit organization is a business entity that operates for the purpose of promoting and funding charitable causes. The primary aim of these organizations is to support educational, religious, and scientific activities that benefit the general public instead of making a profit. If a nonprofit organization is granted tax-exempt status, it is released from any obligation to pay federal income taxes although the exemption from paying state income taxes varies by state. Some such organizations are also exempt from paying property taxes, sales taxes, and taxes on certain other assets, although this is not always the case.

A nonprofit organization will only be granted tax-exempt status if it is incorporated and is structured so as to meet certain specific requirements identified by the IRS. Generally speaking, this means that it must operate exclusively for charitable purposes and must turn all of its proceeds over to the charitable purpose for which it was organized. If the organization employs paid volunteers, it must pay employment taxes for those employees. These taxes, which include federal and state income taxes, unemployment taxes, workers’ compensation taxes, Medicare taxes, and Social Security taxes, must be paid regardless of the organization’s tax-exempt status. In addition, if a tax-exempt nonprofit organization engages in any activities outside of its designated charitable purpose, it is required to pay income taxes on any proceeds that result from those activities.

If your business is in need of expert tax or accounting services, the experienced staff members of our firm can provide you with the help you are looking for.