Income
Tax Services include the areas of tax preparation, tax
planning and tax planning strategy implementation, as
well as IRS problem resolution, IRS representation and
offers in compromise. Tax
planning covers estate planning, succession planning and
minimizing the value of the estate.
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 professional that
possesses the requisite education and knowledge to
assist you with your tax preparation and planning.
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:
Preparation
of resident tax returns
-
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.
-
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 status
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
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.
 
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.
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Call 858-752-1726
Income Tax
Return Preparation
