Tax Planning and Preparation

Effective tax preparation is preceded with tax planning. Where that does not happen, we will review your tax information to see if you meet reporting requirements to defer income, accelerate expenses, or if you have other beneficial options.

Tax preparation is more than just determining taxes due; use your taxes toward personal, non-tax and non- financial related check that your family plans are healthy and are being carried out.

Our techniques and methods go beyond just preparing your tax return. For no additional fees to you, we apply legal concepts toward better ensuring any estate or business plan you have implemented is reinforced and carried out. For example, we evaluate underlying property from reported income are properly titled in an applicable living trust. If such assets are not properly titled, when we deliver your tax return, we advise and counsel on how to implement your estate plan, maintain your privacy, and avoid probate.

After the passage of the Tax Cuts and Jobs Act in December 2018, 99.99% of US citizens are no longer subject to estate taxes. As of 2020 the Unified Amount (Estate Tax Credit) is $11,580,000 per person to transfer property to anyone other than a spouse. That means married couples can convey $23,160,000 estate free. Few individuals have accumulated this amount of wealth, thus the focus of tax planning for the average Americans has turned from estate to income tax planning.

Combining tax and legal techniques, we guide our clients with clear direction toward optimal tax positions.

Effective tax planning to achieve positive results should bring to bear a combination of a keen awareness of current tax laws and trends, your current situation and direction, and the results you want to achieve. Many tax planning considerations are available to you like deferring recognition of income, retirement planning, converting traditional IRAs to Roth IRAs, shifting income, freezing gains, capital gains harvesting, avoiding imputation of phantom income, accelerating expenses, and deducting non cash expenses.

Typical Implemented Techniques:

  • Business structure to fit lifestyle while addressing tax issues.
  • Charitable gift planning.
  • Section 1031 like-kind exchanges.
  • Capital Gains basis increases.
  • Capital Gains harvesting.
  • Gifts to loved ones of income generating income into a lower income tax bracket. Intentionally violating estate tax law to obtain income tax advantages.
  • Estates of deceased individuals – allocation of income between deceased’s final individual return (IRS Form 1040) and the estate fiduciary income tax return (IRS Form 1041).
  • Assisting non-resident aliens on how to hold title to avoid US estate taxes.
IRS inquiry and audit defense; Representation in US tax courts
Accounting Services

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Tax returns we prepare:

US Individual Income Tax Return (Form 1040), and applicable state income tax returns.

Our minimum tax preparation fee in 2020 is $750.00. After review of your prior years income tax return, considering current year changes, if any, and status of assembled information, we happy to quote you a flat fee price. Call our office for an a no-fee appointment.

In order to help us accurately and efficiently prepare income individual tax returns, we use tax organizers to help clients and us to systematize and categorizes information. This system presents information in a matter that follows our tax preparation software, and in a way we can spot tax planning opportunities.

Business Returns

When we prepare business tax returns we constantly track owner internal and external basis, and monitor to ensure tax positions are reflected in underlying business entity governing documents. If need be, we can assist you with competent bookkeeping services to adjust your accounting records. This will facilitate more accurate reporting.

  • US Corporation Income Tax Return (Form 1120)
  • US Income Tax Return for an S Corporation (Form 1120S)
  • US Return of Partnership Income (Form 1065)

US Nonresident Alien Income
Tax Return (Form 1040NR)

Nonresident aliens (Non US Person) many times experience taxable events within the United States, from being a vising student, to winning a jackpot on the Las Vegas Strip, to rental income from real property. Commonly, income in the US is also taxed in the Non US Person’s home country. The reverse is the same for US Persons – income in foreign country is recognized in the US. In either case, tax treaties need to be considered, and taxes paid in the same year to get proper tax credit in the US and other country.

Gift and Estate Tax Returns

  • US Gift Tax Return (Form 709)
  • US Estate Tax Return (Form 706)
  • US Estate Tax Return, of nonresident not a citizen of the United States (Form 706-NA)
  • Fiduciary Tax Preparation and Accountings for Probate Estates and Trust Administration

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