Tax Preparation

Tax Planning

Minimizing your yearly tax liability is not just a function of careful tax return preparation (although that is important).  It also requires proactive tax planning.

Here are just a few of the proactive tax strategies we use to save our clients money:

  • Investing in pension plans, contribution plans, or other retirement plans;
  • Splitting income across legal entities or even other family members;
  • Shifting income and/or expenses across multiple years;
  • Gifting assets in the most tax-efficient way;
  • Investing in insurance policies
  • Charitable donations

Individual Tax Return Preparation

Whether your income comes solely from your employment or whether you have multiple sources of income, our CPAs will determine the proper schedules and IRS forms to help you avoid the stress of preparing and filing your return, minimize your tax liability, and avoid an audit.

We have prepared returns for individuals in a wide range of tax brackets and with a wide range of income-generating assets. Here are just a few of the types of income for which we prepare tax returns:

  • Salary or Wages from Employment
  • Income from Rental Property
  • Capital Gains
  • Independent Contractor Wages
  • Gambling or Lottery Winnings
  • Withdrawals from Retirement Plans

We know that doing your taxes can be a scary and confusing process, and even with the proliferation of tax-preparation software available, you may still miss valuable deductions and credits.  Let our accountants handle the burden of the tax return for you.

Finally, remember that depending on where you live, you may also owe income taxes to your state government. Our CPAs are experienced in filing tax returns to the federal government but also at the state and local level.

Business Tax Return Preparation

Did you know that small business owners are more likely to be the target of an IRS audit than individual tax payers? Taxes that apply to businesses can be very confusing, especially since they vary depending on what type of legal entity your business is.  Whether your business is a corporation, a limited liability company, a partnership, or a sole proprietorship, our experienced CPAs can handle all of your tax preparation needs.

Here are some examples of the types of business income for which we prepare tax returns:

  • Income tax
  • Sales tax
  • Payroll tax
  • Margin tax
  • Franchise tax

Let our accountants prepare your business tax returns so that you can focus on what you do best: running a successful business.

Non-Profit Organization Tax Return Preparation

If your non-profit organization is new, we can help you gain 501(c) tax-exempt status with the IRS. We can also help maintain your charity’s tax-exempt status by preparing and filing the necessary forms each year.  Most non-profits are required to file a Form 990.  This form requires supporting documentation which may include financial statements, similar to what a business would have. The IRS may require income statements, balance sheets, revenue support schedules, functional expense statements, and individual program expense statements. We can determine what is necessary to support and maintain your tax-exempt status.

We serve many types of non-profit organizations and other tax-exempt entities including:

  • Charitable Organizations
  • Associations and Other Membership Groups
  • Private Schools
  • Churches
  • Family Foundations
  • Private Foundations
  • Political Action Committees
  • School Teams or Groups
  • 501(c)(3) Organizations
  • 501(c)(4) Organizations
  • 501(c)(6) Associations

Note that while most income received by charities is not taxable, sometimes non-profit groups also have unrelated business taxable income (UBTI) that must be reported and taxes paid upon. We can help you determine whether your organization has any UBTI and what the organization would have to pay in taxes.

Estate and Trust Tax Return Preparation

If you are the executor of an estate or the trustee of a trust, you have a legal, fiduciary duty to make sure any taxes owed by the estate or trust are paid.  Because the tax laws that apply to estates and trusts are slightly different from income tax laws that apply to individuals, it is the best practice to have professional, licensed tax preparers handle the tax returns for the estate or trust.

Remember, estates and trusts are also taxed at a different rate, so you may not be able to detect a mistake in a tax return based on your sense of how much an individual would generally have to pay (or receive in a refund).  For the good of the estate or trust, as well as to protect yourself from liability to the estate or trust (and the heirs or beneficiaries), it is a wise course of action to use experienced accounts with expertise in estate and trust tax preparation.

Our CPA’s can advise you on tax-saving and tax-deferment strategies that will keep more money in your pocket.