Achieving tax savings is a universal financial goal. When tax burdens decrease your available financial resources, you need advice and guidance from financial professionals like us who know how to address tax challenges and seize tax-saving opportunities.
We view tax planning as a key component of a unified strategic planning process. Our corporate, partnership, individual, fiduciary, state and local, tax professionals work as a team with our financial planning and benefits advisors on an ongoing basis to integrate the most effective tax strategy into your financial and business planning. We are business advisors experienced at serving the needs of a diverse client base, with an understanding of the issues faced by organizations ranging in size from start-ups to large multinational corporations.
You can count on us for cost-effective tax advice, advocacy and action in the context of both your immediate and long-term personal and business objectives. We are also diligent in assisting you to meet your tax compliance obligations so as to avoid onerous penalties and minimize the risk of a costly tax examination.
Tax Planning, Preparation and Representation
We will keep you informed of changes in the tax laws via newsletters and notices. We will automatically do whatever is necessary to keep you from incurring late filing penalties and we always search out the least taxing way to comply with our very complex tax laws. We do our best to encourage planning meetings by offering a discounted session after the end of tax season.
Our knowledge of international taxation can be especially helpful to immigrants and non residents, or for those thinking of working abroad and wanting to take advantage of the foreign earned income credit.
In the event of an audit, we represent you before governmental authorities. However, our tax preparation methodology attempts to avoid this outcome by questioning apparent anomalies on the face of the return. Our goal is to be prepared, in advance, for any eventuality.
Tax Preparation Services
Does the tax season upset you? Are you having problems with changes in tax code?
If you answered yes to any of the questions – it is a wake-up call for assistance. Our firm has prepared numerous tax returns for individuals and businesses. Whether it’s an IRS audit or an income tax document, founder and CPA Dwain Mees and the entire team have in-depth knowledge about the tax laws.
Combining latest accounting technology with the understanding of tax laws, we are able to provide quick, reliable and efficient tax preparation services.
We have the experience to help you with:
•Individual income tax preparation •Corporate tax returns •Tax identification number applications •Complete suite of tax advice and accounting services
Client’s opting for the Cloud Accountant-Connection can access all the services through highly secured web servers in a multi-user, real-time environment.
Our Service Include:
Individual income tax preparation
According to the IRS, annual income tax returns have to be filed by residents and citizens of U.S. Anyone who has tried to fill out a form 1040A or 1040EZ would realize the value of professional CPAs.
With constant changes in tax code, the chances of error increase significantly. For example, individuals who have rolled over a certain amount from a 401(k) to a Roth account last year but did not show the taxable amount in last year’s return, should generally report half of the amount in this year’s return and the rest in next year’s return according to the 1040 form instructions.
Similarly, insufficient knowledge about tax returns may result in loss of credits such as American opportunity credit, earned income credit, health coverage tax credit and credit for federal tax on fuels.
Furthermore, there are several variables that come into play when preparing the tax returns such as W-2 forms and 1099-R forms, standard deductions etc. and even a single mistake can lead to consequences. Stamford individual tax preparation services will minimize your woes and remove any risks of missing a credit opportunity or filing an inappropriate tax deduction.
Corporate tax returns
Corporations have to use Form 1120 to file income, losses, deductions, credit, profits and income tax liability related to the corporation. Large businesses and International corporations have to file 1120 and 1120S forms electronically.
The problem that can arise is the uncertainty of tax positions in financial statement. Also, corporations may not be aware that they are also eligible for net income reconciliation with assets of $10 million or more. All of the additional documents should be filed with Form 1120.
Corporations must file their tax returns on the 15th day of the third month and there is also a certain order to follow when attaching documents. A corporation who fails to comply with the rules set by the IRS can also receive different penalties such as late payment penalty, trust fund recovery penalty and interest bearing penalty.
Our corporate tax preparation services will ensure that your corporation doesn’t get overwhelmed by confusing IRS codes and terrifying tax terms.
Tax identification number applications
Tax Identification number or TIN is used in tax law administration. The IRS issues TIN while Social Security Administration issues SSN or Social Security Number.
List of tax identification numbers
•EIN – Employer Identification Number •SSN – Social Security Number •ITIN – Individual Taxpayer Identification Number •ATIN – Taxpayer Identification Number for Pending U.S. Adoptions •PTIN – Preparer Taxpayer Identification Number
Obtaining the appropriate tax identification number is important for filing tax returns. There are different requirements associated with each of the numbers. To obtain an SSN, there must be sufficient evidence of U.S. citizenship and Form SS-5 needs to be filled out. Those running businesses are required to obtain an EIN and use Form 1041. Individuals that can’t get a SSN are required to obtain ITIN by filing out Form W-7. Income tax credits are not applicable with an ITIN.
Filling out the documents can be a daunting task as there are so many variables need to be kept in mind. Any wrong entry will lead to wastage of time and filing fees. We ensure you get the appropriate tax identification number without any hassle.