Tax Compliance

Today's tax laws are so complicated and becoming even more complicated every year. Thus, chances are you will benefit from a tax professional assistance at some point in your tax compliance endeavors. It is easy to overlook deductions and credits to which you are entitled if you prepare only one return a year. There is no substitute for the assistance of a seasoned tax professional.

We prepare a variety of individual and business tax returns every year. We apply and explain appropriate tax-cutting deductions when your return is prepared. More importantly, we will answer your questions during the rest of the year. Call us to discuss timely tax, business, and financial advice.

Whether you’re a wage earner, an investor, a business owner, or all three, you should take advantage of the available tax-cutting benefits. There is little to be gained by paying more tax than the law demands.

Identify the tax-savers for which you qualify. Below is a tax-cutting checklist to get you started. Check to see if there are tax breaks you are overlooking.

For Individuals:

    Roth IRA
    Roth 401(k) if employer's plan permits
    Rollover to Roth IRA
    Tax-deductible IRA
    Child tax credit
    Child care credit
    Earned income credit
    Annual gifts to reduce estate
    Education savings accounts
    Education expenses and applicable educational credits to consider
    Bunching deductions
    Flexible spending accounts
    Health savings account
    Donating appreciated assets instead of cash
    Qualifying property for personal residence gain exclusion
    Filing status considerations
    Shifting income from year to year
    Adoption expense credit

For Investors:

    Tax-free municipal bonds
    Long-term capital gains analysis
    Rental property
    Tax-free exchange
    Low-income housing credit
    Small business stock rollover

For Businesses:

    Home office deduction
    Keogh plan
    SIMPLE plan
    401(k) plan
    First year expensing of business equipment
    Year-end bonuses
    Bad debt write-off
    Disabled access credit
    Health care tax credit
    Other business tax credits
    Tax-free exchange

For your convenience, we can provide an individual or business tax organizer for you to bring to us at tax time with the supporting documents to ensure a more complete way to finalize your annual tax filings.

Contact our office with your questions, or if you want more information on these and other strategies that could reduce your taxes.

And finally, review our Newletters as often as you would like for more information.