Tax Preparation
Filing your own tax return can be confusing due to complex tax laws. A recent study showed that 77% of taxpayers believe professional tax preparation is beneficial, as even software can’t fully replace expert help in identifying all possible deductions and credits.
Here’s what you get…
Our tax preparers will thoroughly review your tax return to catch issues and minimize IRS contacts (?) . We offer electronic filing for faster refunds and can help adjust your payroll withholding to boost your take-home pay. Additionally, we’ll identify potential deductions and provide a list of commonly overlooked deductions to reduce next year’s tax liability through our tax planning session.
Tax Planning
Effective tax planning is crucial for reducing your liability. We proactively recommend strategies to maximize your after-tax income and stay updated on tax laws through frequent seminars. We work year-round to ensure businesses and individuals pay the lowest taxes allowed by law.
We recommend tax-saving strategies to:
- Grow and protect your assets by minimizing taxes.
- Defer income to keep more money now and pay less later.
- Reduce income taxes so you keep more of your earnings.
- Lower estate taxes to benefit your family.
- Cut gift taxes to increase your contributions.
- Minimize investment taxes to accelerate wealth growth.
- Decrease taxes on retirement distributions for a comfortable retirement.
Here are a few tax-saving strategies we use:
- Splitting income among family members or entities to benefit from lower tax brackets.
- Shifting income or expenses to different years to lower tax rates.
- Deferring taxes through investments like pension plans.
- Using tax-exempt investments to reduce federal or state taxes.
- Finding deductions by structuring spending on things you enjoy, like a vacation home.
Our services often save more in taxes than they cost, thanks to careful planning and legitimate strategies.
Tax Problems
IRS Audit Representation:
Receiving an IRS audit letter can be daunting, requiring significant time and effort to gather records and understand tax law. Auditors can be thorough and may seek more information than you are obligated to provide, leading to potential tax deficiencies.
Handling an audit yourself may save on fees but can result in costly mistakes. Our service manages the entire audit process, minimizing your involvement and preserving your time and income. Simply forward the audit notice to us, and we handle everything from start to finish.
Non-Filed Tax Returns:
The IRS’s advanced systems make it increasingly likely they’ll detect unfiled returns. Not filing is a criminal offense, risking jail time—one year for each unfiled year. Don’t jeopardize your freedom; let us help you get compliant and avoid further issues. Voluntarily filing delinquent returns may minimize penalties and interest. Waiting for the IRS to file on your behalf will result in returns favoring the government’s interests. We’ll file your returns, assess any taxes owed, and develop a plan to resolve your situation.
Back Taxes Owed:
If you’ve filed your returns but couldn’t pay what was owed, ignoring it can lead to substantial penalties and interest. Soon, you might face a bill that’s several times the original amount. You can either pay the full amount with interest and penalties or continue ignoring it while costs grow. Our firm can evaluate your liability through our second look process and assist you in making payment plans with IRS and in some instances, may even help reducred the amount owed by amending the tax return to reflect missed or overlooked credits and deductions.
Payroll Tax Problems:
Failing to pay payroll taxes is viewed very seriously by the IRS, as it involves employees’ withheld money. Penalties for payroll tax issues are severe and can quickly escalate. The IRS aggressively pursues collections, often seizing assets or closing businesses. If you’re behind on payroll taxes, avoid meeting the IRS alone. Hire a professional to navigate the situation and protect your business.
IRS Liens:
Federal tax liens can severely impact your life. They give the IRS the right to claim your assets, including real estate and accounts receivable, and can lead to severe financial consequences. Liens appear on your credit report, making it hard to open bank accounts, secure loans, or buy and sell property. This can result in high interest rates and limited financial options.
IRS Levies:
Levies are the IRS’s way of forcing action by seizing your assets, including wages, bank accounts, vehicles, and even Social Security checks. They will continue to take money until your tax debt is fully paid. Wage levies can leave you with almost nothing from your paycheck. The IRS can also auction off your assets, including your home and personal belongings. We can often help release these levies and work out a manageable solution to get you back on track.
IRS Wage Garnishment:
If you ignored a notice of “intent to levy,” the IRS may seize most of your paycheck, leaving you short on essential expenses. This will continue until your tax debt is paid. Once a wage garnishment is in place, your employer must comply, making it impossible to get your money back. We can help negotiate a payment plan with the IRS, which is usually more favorable than a garnishment, allowing you to keep your full paycheck and avoid future garnishments.
IRS Seizure:
A seizure involves the IRS taking physical assets like your home or car, typically after repeated failures to address tax debts. The IRS will auction these assets, often for less than their value, including homes, vehicles, jewelry, and retirement funds. Don’t ignore IRS notices—seizures are serious and can result in significant financial loss.
Offer in Compromise:
You can settle your IRS debt for a fraction of what you owe through the Offer in Compromise program. This program lets you settle tax debts that are incorrect or unaffordable. If your offer is well-prepared, you might pay only 5-15% of the total amount owed. The IRS accepts offers when they believe they can’t collect the full debt and the offer reflects what they can reasonably expect.
IRS Seizure:
Other options available to resolve tax liabilities:
IRS Payment Plan: If you don’t qualify for an Offer in Compromise, a payment plan allows you more time to pay off your tax debt, though penalties and interest will continue to accrue.
Bankruptcy: Bankruptcy can eliminate back taxes, interest, and penalties if you qualify, but not everyone meets the criteria. Proper planning is essential to determine if this is a viable option.
Innocent Spouse Relief: You may be eligible for relief if you are unfairly burdened by tax debt due to your spouse’s or ex-spouse’s actions.
Get Your IRS File: You can obtain a copy of your IRS file to understand what the IRS knows about you. A professional can help request and interpret this information without raising concerns.
We are here to help with any and all of your tax preparation needs! Please schedule a meeting where we can further discuss your situation here.