Income Tax  Preparation and Planning

CLICK HERE FOR TAX ADVANTAGED FINANCIAL INVESTMENT PLANNING

We do tax planning mindful of your investment strategy and financial plans. For the high net worth investor we offer private wealth management services where we consider aspects such as tax advantaged investments, estate taxes and succession tax planning.

Income Tax Services include the areas of tax preparation, tax planning and tax planning strategy implementation. We can assist you with IRS problem resolution, IRS representation and offers in compromise.

Tax planning covers tax planning for the year ahead, withholdings estimates,  business succession planning, estate planning and minimizing the taxable value of the estate. 

Tax preparation services cover the filing of all returns including individual, partnerships, trader taxes, corporate, not for profit, trusts, estates and other fiduciary returns.  
 
Tax law is complicated and intricate and has many facets.  If an area is not listed give me a call and I will tell you if the service is offered or will refer you to a professional that does. 
 
I realize there is risk in linking up with a service provider. As part of that process, I always provide a free initial consultation. I cordially invite you to learn more about the firm, its services, its affiliate business units in wealth management consulting and interacting with a team on the aspects of estate and tax planning law and how they may help you, your business and your endowments attain wealth management needs.
 
One of the objectives in estate planning is to avoid excessive estate taxes and generation skipping transfer taxes. This may be accomplished for example by establishing trusts and utilizing privately placed life insurance and incorporating optimal gifting strategies to provide steady income streams. As John D. Rockefeller put it "The best way to circumvent taxation is to give it all away." 
 
Whatever your tax needs, we may have a solution for you. You spend a large percentage of your annual income on income taxes, for many it is as high as 45%. Surely with such a huge expense you need to use a team of professionals that possesses the requisite education and knowledge to assist you with your tax preparation and planning and then the reporting of those plans.
 
"Over and over again courts have said that there is nothing sinister in so arranging one's affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more tax than the law demands; taxes are enforced exactions, not voluntary contributions." - Judge Learned Hand, 1947
 
Why use a CPA?
 

CPA's perform a number of tasks when preparing your tax returns. It is not simply the entry of data into a computer program. We undertake the steps outlined under the preparation process when preparing your tax returns.
 
CPA experience assures a quality return, minimizing both taxes and the risk of taxpayer penalties. CPAs have technical and strategic expertise to work on all tax returns, including the most complex and sophisticated. CPAs provide a full array of tax planning and other client services, far beyond preparing a tax return.
 
CPA's make use of the most advanced tax preparation software. I make use of the top rated  Lacerte software. Utilizing such software enables us to utilize many checks and balances and ensures accuracy in the preparation of forms and schedules. The software also enable us to keep you up to date with changes in tax laws and regulations based on your particular situation and to optimize your tax planning opportunities.
 
CPA tax practitioners are regulated by the Department of the Treasury's Circular 230 which sets high practice standards that don't apply to most tax return preparers, including commercial preparers.
 
THE CPA TAX PREPARATION PROCESS:
 
Careful research and preparation of your personal income tax returns with the objective of calculating the lowest federal and state income tax that you owe by law. Click here to review the procedure.

Determining what income is taxable and what is not  to ensure you pay tax only on the income the law requires.

Checking all allowable deductions, adjustments and credits to ensure that we identify every personal and business deduction or credit to which you are legally entitled. 

Checking different filing statuses to see whether a couple will pay the lowest tax by filing joint or separate tax returns.

Calculating all possible options for part-year state residents to ensure clients claim the largest deductions and exemptions allowed resulting in the lowest state tax due.

Tax preparation for U.S. Citizens & resident aliens working overseas. Taxpayers who meet certain requirements can exempt from $80,000 plus per year in earned income from U.S. Taxation.

Tax withholding and estimated tax calculation

Tax withholding calculation to ensure your employer withholds enough from your paychecks to avoid a big tax due next April, but also to ensure that not too much is withheld so that you avoid giving the IRS an interest-free loan of excess withholding for the year and estimated tax calculation to ensure you pay enough tax on income not subject to withholding to avoid tax penalties when you file your return.
 
Refund review
 
Look-back at previous tax returns to identify additional tax deductions or credits that may entitle you to an additional refund of federal or state tax already paid in a prior year.  Basic review done at no charge.

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Overdue Returns and voluntary compliance

If you have not filed your returns or you have returns that have been outstanding for many years, make use of the IRS voluntary compliance program. The firm can negotiate with the IRS and other tax authorities on your behalf. Bring your tax filing up to date by starting today. If the IRS is notified before they begin criminal investigation you can prevent criminal prosecution by filing overdue returns and taking part in the voluntary compliance program. Don't wait until you receive notices, that may be too late. Contact me today so that we can discuss your situation.

Health Insurance

In our practice and during tax planning a need often arises for corporate tax planning. One of the strategies we employ is that of corporate offered health insurance. We can also assist with individual health insurance coverage. In order to assist those that do require this and are in need of a broker we offer a cost competitive electronic quotation and enrollment procedure.

 

 

 

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Estate Tax Planning Opportunity !

IRA to Roth IRA Conversions

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TIPRA removed the income limit for high earners who want to convert their traditional Individual Retirement Account to a Roth IRA. While elimination of the $100,000 income limit to convert traditional IRAs to Roth IRAs under TIPRA doesn't start until 2010, maximizing that opportunity can begin in 2006 with maximizing contributions in 2006 and each year thereafter to a nondeductible IRA that can then be converted into a Roth in 2010.

Please note that converting from a Traditional IRA to a Roth IRA is something which should be considered taking account all facts and circumstances. It is not a one size fits all and good for all situation. Call to discuss, 858.222.0312.

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If you have estate tax considerations and want a second opinion at no charge give me a call 858.752.1726 if accredited you can access the wealth management component here.

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