Preparing your own tax returns can be daunting and scary. I pride myself on staying up-to-date with all the tax law changes so that I can help my clients take every advantage of tax savings available to them. Using tax software may prepare your return for you, but it does not let you know where you can make changes in order to be fully prepared for the next tax year. I offer tax planning and can review prior year’s returns to make you better prepared.
Planning is one of the most beneficial ways you can successfully and legally reduce your tax liability. We go beyond just making sure you are tax compliant. We actually recommend tax saving strategies to help you both save taxes and increase your after‐tax income. Since we stay abreast of all new tax codes we are able to take advantage of tax changes most beneficial to you.
Some of the strategies we recommend are:
- Deferring tax liabilities through investment options such as pension plans, contributions and other such investment plans.
- Recommending purchase of new assets in order to benefit from the depreciation deduction.
- Including certain family members on payroll to tax the income at a lower tax rate.
We offer the option to have us periodically prepare a tax projection throughout the year so you are prepared for any end‐of‐the‐year tax liability. This allows us to get a handle during the year and make any recommendations as we see fit.
Trying to prepare your own tax return, whether personal or business, can lead to many more questions. Today’s tax laws are now so complicated that a simple 1040EZ is no longer a simple short form. You may leave tax deductions or credits available to you on the table resulting in a higher tax bill. Computer software may seem to be the way to go, but even the software may leave deductions not taken. Too many times I have seen a tax return prepared inaccurately or deductions/ credits not taken by clients who opted to use computer software to prepare their taxes thinking they were saving money on hiring a tax professional. You or the software may not know that an event in your life may lead to taxable income or a tax deduction.
With our tax preparation services we:
- Take the extra time to meet with every client to go over what’s happening in their life. This clues us into any possible tax implications we need to address.
- Use professional tax software to prepare your tax return identifying any red flags that may cause potential problems with the IRS.
- Electronically file all corporate and personal tax returns so you don’t have the added stress of getting to the post office and waiting in the long lines to file your paper return.
- Identify any potential changes you can make in the new year, such as increasing your federal withholding with your employer, to limit your tax liability for the next year.
- Identify any deductions you are not taking advantage of so we can reduce your current and future tax liability.
- Prepare forms as needed to make a payment arrangement for any unpaid balance owed that you are not able to pay by April 15.
- Ensure the accuracy of the filed tax return against any IRS tax notice. If you should receive a notice we will research and respond to the IRS as needed (power of attorney required).
- Complete any accounting as needed to prepare your business tax return.