TAX PLANNING & SERVICES:
Tax Preparation For Individuals, Corporations, Partnerships, Trusts & Private Foundations:
Individuals, including Form 1040. One of the premier services offered by the Firm is the ability to identify additional deductions to maximize tax savings for clients. Also, tax saving strategies are identified and conveyed to clients for future years.
The Firm also contacts clients on a quarterly basis with respect to estimated tax matters and before-year-end tax planning purposes, such as accelerating charitable contributions, payment or deferral of property taxes, harvesting capital losses to offset capital gains, or converting Traditional IRA's to Roth IRA's.
Corporations, including Form 1120 or 1120S and Schedule K-1's to be issued to the corporate shareholders. Although the Firm has experience in tax compliance for all types of corporations, our primary focus is S-corporations. Our services include analysis of clients' books and records, providing necessary adjusting journal entries, preparation of the corporate tax return, and consultation regarding tax saving strategies. The Firm understands S-corporation tax laws and knows the guidelines that S-corporations must follow in order to avoid losing their "S" status. The Firm contacts clients on a regular basis to help ensure they are operating in a tax-efficient manner.
Furthermore, the Firm knows that it is crucial to have a good understanding of all of the shareholders of an S-corporation because all of the income or loss passes through to the shareholders. There significant tax consequences of losses passing through to a shareholder who does not have enough tax basis to deduct the losses. Knowing this, the Firm maintains accurate stock and debt basis schedules in order to advise clients accordingly.
Partnerships, including Form 1065 and Schedule K-1's to be issued to the partners. Our services include analysis of clients' books and records, providing necessary adjusting journal entries, preparation of the partnership tax return in accordance with the partnership agreement, and consultation with respect to tax saving strategies. The Firm has considerable experience dealing with partnership agreements and the different income/loss allocations and distributions associated with them. Similar to the S-corporation, the income/loss from partnerships pass through to the partners. The Firm understands the tax consequences to the partners and provides adequate disclosure on their respective Schedule K-1's to assist them with their tax filings.
Trusts, including Form 1041. There are many different types of trusts and the Firm has experience with several of them: Simple Trusts, Complex Trusts, Grantor Trusts, Charitable Trusts, Life Insurance Trusts, and Retained Annuity Trusts. The Firm understands that trusts are an important part of estate and financial planning for individuals, and we have the experience to advise clients when trusts are advantageous.
State Filings - Includes preparation of multi-state tax returns for individuals and businesses. The Firm can comply with state filing requirements in all states.
Estate Planning - While the Firm does not provide legal advice, we do have considerable experience working with Board-certified estate planning attorneys, and we are able to advise clients on estate planning issues such as wills, gifting strategies, trusts, family-limited partnerships, etc.
[BACK TO TOP]