Tax Preparation and Planning
- Individual Federal and State income tax preparation
Our firm seeks to help individuals minimize their tax liability. Decisions that you make each and every day affect your tax liability. Your ability to proactively understand the tax consequences of your decisions and to keep a documentation of your expenses is critical This allows you to claim all deductions you are entitled to claim, as well as keeps you from entering into transactions with negative tax consequences due to a lack of knowledge or poor planning. It is important to have a long term perspective when planning your financial situation, to ensure that you are prepared for the financial challenges you will face at each and every stage of your life.
- Sole Proprietorships and disregarded entities such as Single Member LLCs, (owner’s 1040 Schedule C preparation)
There are many tax advantages to owning a small business and it is important to have a CPA firm that can help you realize these advantages. However, there are also many record keeping and legal requirements that you must be constantly keep up with. As a small single member business owner you need to be able to put all your time and attention into growing your business and preserving your relationships with your clients. Our firm’s aim is to provide tax advice and preparation services that help you minimize your tax liability in a manner which allows you to use your time and energy to focus on your business. The last thing a business owner needs is the extra stress of worrying about tax compliance when trying to create a business.
- S and C Corporation Federal and State income tax preparation
As your individual small business grows, you may find it advantage to incorporate or to become a “Subchapter S Corporation”.. Our firm helps single member LLCs file to obtain S Corporation status with the IRS. We also help corporations file to obtain S Corporation status. We prepare tax returns for S Corporations as well as the individual returns for the profits that pass through to their shareholders.
- Partnership tax returns
- Gift and Estate tax returns
- Not for profit or Exempt organization Form 990 tax preparation
The IRS requires that 501c3 not for profit organizations file annual Form 990 preparations (there are some not for profit organizations exempt from this requirement such as churches). The Form 990 is lengthy and often be quite complex. As many non profit organizations find the completion of this to be overwhelming. Our firm understands this and we assists in the preparation and filing of the Form 990.
Filing the Form 990 is essential, as all non profit organizations that are required to file the Form must make their Forms available to the general public and also to any interested taxpayer specifically upon request. Failure to file this Form for three years will result in a loss of tax exempt status.
TAX PLANNING – All major financial transactions have a potential tax implication. Our firm strives to stay up to date on all of the changes and complexity of both federal and state tax laws. This is important not only for compliance, but also for tax planning. It is important to be proactive in your tax planning in order to anticipate tax saving opportunities and to effectively minimize your tax liability.
This post is also available in: Spanish