Tax Planning & Return Preparation
Tax planning involves proactively structuring business and personal financial transactions in advance of the event. By doing so, we are able to help our clients achieve their business and personal objectives while minimizing the tax impact of their decisions. Effective tax planning for individuals and businesses can result in tax savings as well as avoidance of substantial tax penalties resulting from unfamiliarity with complex tax laws. This is an on-going collaborative effort conducted throughout the year. The tax planning process often involves input from legal counsel, bankers, insurance providers, or investment advisors in order to achieve the optimum benefit for our clients. We frequently consult with professionals from these various disciplines and upon request can provide our clients with referrals for these services if they do not otherwise have such resources available.
Our firm routinely prepares a broad range of individual, corporate, partnership, trust, and non-profit organization income tax returns, as well as estate and gift tax returns. We carefully monitor federal and state tax law changes, regulations, administrative pronouncements, and court decisions affecting tax law. Returns are prepared to the best advantage for our clients within these laws and regulations. Our tax software is the same product utilized by many national accounting firms, thus giving us the processing capability for complex federal returns and state tax returns for all fifty states.
Whether it is structuring the form and ownership of a business enterprise; a choice of tax accounting methods; or annual year-end projection of tax liability and estimated payment requirements; our clients count on us to alert them to tax planning suggestions and opportunities. We pride ourselves in maintaining an effective balance between cutting-edge tax planning and compliance work that is technically correct and in accordance with current tax law.
Many of our business clients engage us to prepare their quarterly payroll and sales tax reports. However, in most instances we find that it is more efficient and cost effective for businesses to utilize a Payroll Processing Service or utilize the payroll processing function of their in-house accounting software. We are pleased to refer our clients to payroll service providers in our area with whom we have excellent working relationships. If our clients elect to process their own payroll, we are available to provide software training and answer technical questions that may arise.