Tax Preparation
The Taxperts provides numerous tax services to service your financial needs. We offer valuable and useful services to both consumers and business owners. When you consult with The Taxperts, you form a relationship with a firm that values your financial success.
Individual Income Tax - Tax season can be a very stressful time of the year, especially with today's complex and changing tax laws and regulations. Every year, millions of Americans neglect to claim billions of dollars worth of deductions and credits they are unaware of or simply too afraid to take. The Taxperts will prepare and review your individual income tax return and take full advantage of all deductions and credits you are entitled to, maximizing your refund.
Salary & Wages - A vast majority of Americans earn income through salaries and wages. They will receive a W-2 from their employer at the beginning of the y ear for income earned during the previous year. Other sources of income may include interest & dividends, unemployment income, or social security. The IRS and state allows many deductions taxpayers can take advantage of to reduce their tax liability. Deductions range from home ownership to unreimbursed business expenses. Whether you receive a W-2, 1099-INT, or 1099-G, The Taxperts will review all your income and allowable deductions and prepare an accurate tax return with the highest possible refund.
Self-Employed - Many taxpayers are self-employed and are required to report their income and expenses on Schedule C Profit or Loss From Business. Many will attach a Schedule C to their Form 1040 if they conducted business as a sole proprietor. This includes small "mom-and-pop" shops with the typical expenses such as inventory, advertising, and rent. However, many are unaware that you may be required to file a Schedule C if you recieved a 1099-MISC. As a contractor, you will receive a 1099-MISC after providing services to another. Even if you have not established a business, as long as you provided services and received payment in excess of $600, you must report the amount earned to the IRS and state. The good news is that you may be able to deduct business expenses such as vehicle milage and supplies. The Taxperts can prepare and file the appropriate forms necessary for you as a sole proprietor or contractor.
Estimated Tax Payments - Income taxes is based on a pay-as-you-go system, requiring taxpayers to pay taxes as they earn income through withholdings or estimated tax payments. Withholdings are the taxes your employer takes from your paycheck to send to the IRS and state. Self-employed taxpayers are not subject to withholdings because they do not have an employer to take taxes from their paycheck. Instead, they must voluntarily pay their taxes during the year. If you pay your taxes at the time you file your tax return on April 15th, the IRS and state will penalize you for not having paid your taxes during the year. The Taxperts can determine the correct amount of estimated tax payments to prevent any future penalties and interest due when you file your tax return.
Business Income Tax -The type of business structure determines which type of tax you must file and pay. For tax purposes, the type of business structures are sole proprietorships, partnerships, C-corporations, S-corporations, and limited liability companies (LLC). Along with the proper tax return, you may be required to file estimated tax payments, payroll returns, and excise taxes. With the many laws and regulations for businesses, it can be very time consuming and complex to file and pay all taxes in a timely and accurate manner. With the help of The Taxperts, we can provide multiple services to fit your business needs.
Partnership Income Tax - A partnership is owned by several individuals who are invested into the business. There are various types of partnerships, but none of them pay income taxes directly to the IRS. Instead, the partnership income tax return is an informational return which the taxpayer uses to prepare their own individual income tax return. The Taxperts will prepare and review partnership income tax returns and its Schedule K-1 for each partner and determine their tax liability or refund.
Corporation Income Tax - The IRS views a C-corporation as its own legal entity, therefore, subject to income taxes. When the corporation earns income, it must pay a portion of its income for taxes. Afterwards, the corporation may distribute the remaining amount to its owners as dividends. These dividends are taxed again at the individual level. On the other hand, S-corporation's income are not taxed and flows through to the individual to be taxed as dividends. For this reason, S-corporations are referred to as "flow-through" entities. Our team of tax experts consist of highly qualifed and licensed tax preparers who will prepare and review both C and S-corporations' income tax returns.
Payroll Service - Payroll is a necessary, but encumbersome requirement for all business owners with employees. The average business owner spends a full day per month performing payroll duties. If any mistakes are made, the IRS is sure to penalize unsuspecting owners a 100% Trust Fund Recovery Penalty of the payroll taxes owed. It is no wonder many owners outsource their payroll services to The Taxperts. It is cost-effect and worry free so you may spend more time on more important core business needs.
Sales & Use Tax - Certain businesses are required to file sales & use tax returns with their state and/or local government. Sales tax is the tax on consumer goods the vendor collects from customers during a purchase. The use tax applies to purchases outside the state. The Taxperts can determine if your business requires you to file a sales permit with your state and/or local government and comply to their sales and use laws and regulations.
Accounting & Bookkeeping Services - Accounting and bookkeeping functions require a great deal of time and effort from the business owner. However, The Taxperts employ certified public accountants to perform the most basic to complex accounting and bookkeeping functions ranging from bank reconciliations, generating a general ledger, or compilation of financial statements. Our bank reconciliations will help you identify outstanding checks or uncleared deposits and prevent unjustifiable bank fees and errors. The general ledger is the "books" of your business and consists of every transaction. A compilation of financial statements require the knowledge of accounting principles in presenting the business income statement and balance sheet required by lenders or creditors.
New Business Formation & Incorporation - Many individuals dream of running their own business. However, methodical planning and research are required to start a new business. Don't fall victim to the many laws and regulations required to get your business running. The Taxperts can help you get your new business off to a good start by complying with all the necessary laws and regulations of forming or expanding a business entity. Let The Taxperts worry about the paperwork while you take the first steps of fulfilling your dream business.
Amended Income Tax - Many taxpayers may not always have it right the first time. Whether it is because you prepared your own tax return, or paid an inept tax preparer, the IRS and state allows an unlimited number of amended returns to make corrections. If you believe you have missed out on a deduction, or there are discrpancies between your tax return and third party documentation, The Taxperts can prepare an amended tax return to fix past mistakes. Depending on your tax situation, you may be due a refund or lower your tax debt.
Estate, Trust, & Gift Tax - An estate or trust is a type of tax entity required to pay taxes. An estate is an entity that forms after an individual dies. If their estate has gross assets over $5,120,000 for 2012, you may be required to file an estate tax return. On the other hand, a trust is created to protect or preserve an individual's assets and to distribute income to beneficiaries. Finally, a gift tax may be required if you made a gift of over $13,000 ($26,000 if married) for 2012. Estate, trust, and gift taxes can be very complex, however, the Taxperts can prepare the proper returns and assist in transferring property to desired beneficiaries with minimal tax effects.
Tax Planning & Compliance - Tax planning is key to reducing your overall tax liability. Whether it is by reducing your income, increasing your deductions, or taking advantage of tax credits, The Taxperts can help create tax saving strategies to help minimize your taxes. Compliance is also crucial to be "in good standing" with the IRS and state. Through compliance, The Taxperts will help prevent any backlash from the IRS and state for failure to comply with their complex tax laws and regulations.
Services listed are not comprehensive. Contact us by phone or email for an intial consultation with a qualified tax attorney, certified public accountant, or enrolled agent.
