Individual Tax Preparation Services
I can assist you in preparing and filing your personal income tax returns.
Using inexpensive do-it-yourself tax software may actually be costing you money. Oftentimes many deductions are overlooked. Not only can you save time and money, but you can have piece of mind that your tax returns are prepared correctly.
The tax laws are constantly changing. I continuously stay up-to-date with the latest tax laws and changes to ensure that you are maximizing your deductions.
Contact me so that I can assist you. You always receive my personal attention.
Corporate Tax Preparation Services
I can assist you in preparing and filing your corporate tax returns.
S-Corporations – As an S-corp. your corporation is treated, for federal tax purposes, as a pass-through entity. As such, most income and loss items are passed through to the shareholders individual income tax return. Unlike a regular C-Corp., there is no double taxation. As a result, there’s just one level of federal tax to pay. Most small corporations elect to become S-corps. In order to take advantage of this benefit.
An important task of each shareholder in an S-corp. is to keep track of Stock and Debt Basis. As a shareholder it is your responsibility to do so. It’s important to know this as you must have adequate stock and/or debt basis in order for losses and deductions to flow through to your personal return.
As your accountant I calculate the confusing task and keep track of your basis. Failure to do can have negative consequences.
C-Corporations – C-Corporations are generally larger than S-Corporations and usually don’t qualify for S-Corporation status. Unlike an S-Corp., C-Corps. are an entity that is taxed separately from its owners. C-Corps. pay taxes at the corporate level and also face the possibility of double taxation if corporate income is distributed to owners in the form of dividends.
LLC Tax Preparation Services
I can assist you in preparing and filing your LLC tax returns.
Depending on elections made by the LLC and the number of members, the IRS will treat an LLC as either a corporation, partnership, or as part of the LLC’s owner’s tax return (a “disregarded entity”). Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation. And an LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes), unless it files Form 8832 and affirmatively elects to be treated as a corporation.
Similar to corporations an LLC provides limited liability to the owner.
The Function of Bookkeeping
Bookkeeping is the process of recording daily transactions in a consistent way and is a key component to building a strong business foundation.
Bookkeeping is comprised of:
- Recording financial transactions
- Posting debits and credits
- Producing invoices
- Maintaining and balancing subsidiaries, general ledgers, and historical accounts
- Completing payroll
Using QuickBooks I can perform all these tasks and give you a clear picture of how your business is performing.
Unfiled/Late Filed Tax Preparation Services
There are times when taxpayers fail to file their past income tax returns. Whatever the reason or reasons it is important that you file these returns and avoid the potential headaches that will arise. The IRS will eventually catch up with you. The IRS can utilize tax liens, wage garnishments, and levy’s to try and recover past due taxes. It may turn out the IRS owes you money. If you fear filing because you know you will owe and don’t have the funds to pay, don’t panic as there are several alternatives to having to pay the full amount at once. I can help determine the appropriate alternative.
If you’re in this situation contact me for a free consultation and to get these unfiled returns filed.
Amended Tax Preparation Tax Services
Have you received additional income or overlooked deductions after filing your income tax returns? Are you unsure if your income tax returns were prepared accurately?
Generally, to claim a federal refund, you must file an amended return using Form 1040X within 3 years after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later. Returns filed before the due date are considered filed on the due date.
I can assist you in reviewing, preparing, and filing prior year’s tax returns. Contact me for a free review of your past 3 year’s income tax returns.
Estate and Trust Tax Preparation
I can assist you in preparing tax returns for estates and trusts.
Estates and Trusts tax returns are prepared using IRS Form 1041 – U.S. Income Tax Return for Estates and Trusts. As the executor, you may be required to file an estate or trust income tax return.
There are two kinds of taxes owed by an estate: One on the transfer of assets from the decedent to their beneficiaries and heirs (the estate tax), and another on income generated by assets of the decedent’s estate (the income tax).
When someone dies, their assets become property of their estate. Any income those assets generate is also part of the estate and may trigger the requirement to file an estate income tax return. Examples of assets that would generate income to the decedent’s estate include savings accounts, CDs, stocks, bonds, mutual funds and rental property. IRS Form 1041-U.S. Income Tax Return for Estates and Trusts, is required if the estate generates more than $600 in annual gross income. The decedent and their estate are separate taxable entities. Before filing Form 1041, you will need to obtain a tax ID number for the estate. An estate’s tax ID number is called an “employer identification number,” or EIN.
A decedent’s estate figures its gross income in much the same manner as an individual. Most deductions and credits allowed to individuals are also allowed to estates and trusts. However, there is one major distinction. A trust or decedent’s estate is allowed an income distribution deduction for distributions to beneficiaries. Income distributions are reported to beneficiaries and the IRS on Schedules K-1 (Form 1041).
Don’t confuse the estate income tax return (Form 1041) which is for income and other tax items of the decedent before the estate is settled. The estate tax return (Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return) is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death. Currently, the 2015 federal estate tax exemption is $5.43 million.
Trusts – In general, a trust is a relationship in which one person holds title to property, subject to an obligation to keep or use the property for the benefit of another. The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic trust taxable under section 641 that has:
- Any taxable income for the tax year,
- Gross income of $600 or more (regardless of taxable income), or
- A beneficiary who is a nonresident alien.