Taxation

Tax Preparation Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be time consuming and confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced accountant.
 

Peter Advani CPA,PLLC Tax PreparationHere's what your get...

  • Your tax return will be prepared by an experienced tax professional and then rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
  • If you choose your tax return can be filed electronically so you will get a refund back quicker.
  • We will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan till the time you file your return.
  • We will show you potential deductions to limit your tax liability for next year. 
  • Books in disarray: Not a Problem!
  • If you own a small business and have not kept your books in order, don't worry. We can help you. We'll prepare your books for the year, prepare a full Schedule C, as well as prepare your personal income tax return. Then we'll guide you how to maiitain your books in tip-top shape for the next year.

Tax Planning

  • Planning is the key to successfully and legally reducing your tax liability. We meet with our clients in the month of December to discuss their upcoming taxes and do the tax planning by recommending tax saving strategies to maximize after –tax income.
  • We make it a priority to enhance our knowledge of the current tax law, complex tax code, and new tax regulations by attending tax seminars.
    We make sure businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize their taxes throughout the year, not just at the end of the year.

We recommend Tax Saving Strategies that help our clients

  • Defer income so you can keep your money now and pay less taxes later.
  • Reduce taxes on your income.
  • Reduce taxes on your estate.
  • Reduce taxes on your investments
  • Reduce taxes on your retirement distributions.

Here are some Tax Saving Strategies 

  • Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.
  • Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
  • Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
  • Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
  • Remember, we work for you not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies.

Are you having problems with the IRS?

  • We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and of course, extremely discrete. The IRS problems will not just go away by themselves; they just keep getting worse with penalties and interest being added each day.
    If you owe the IRS, you have a very serious problem. It may take the IRS several years to catch up to you, but they're relentless and have no mercy in collecting all the money that is owed. When the collection process starts, they'll make your life miserable and literally ruin all aspects of your life.

 

back

IRS Problems

  • IRS Audit Representation
  • Nothing strikes fear in the hearts of people more than receiving an IRS Audit letter in the mail. Audits take significant time away from your business and family, requiring you to gather mounds of records substantiating each and every item reported on your tax return.
  • The IRS leaves no stone unturned in its mission to determine the accuracy of your tax return. If you don't comply with the Auditors' wishes, the IRS will recalculate your tax and send you home with a hefty tax bill.
    Many taxpayers decide to handle a tax audit themselves, and discover they may have been "penny wise," avoiding a representative's fee, but "pound foolish," because they received a substantial bill for a significant tax deficiency.
  • You see, IRS Auditors are trained to extract more information from you than you have a legal obligation to provide. IRS Auditors know that most people fear them and are ignorant of their rights. As a result, they know they can use that fear and ignorance to their advantage.
  • Haven't filed your tax returns for years? 
  • Every day the computers at IRS center are getting more sophisticated, it's just a matter of time before they catch up with you.
  • Failing to file your tax returns is a criminal offense. If you do not file, you can be prosecuted and punished with potential jail time, one year for each year not filed. Why risk potentially losing your freedom for failing to file your tax returns!
    Let us give you the peace of mind you deserve by helping you get in compliance with the law. If you voluntarily file your delinquent returns you'll likely avoid further problems other than having to pay the interest and penalties.
  • If you wait for the IRS to file your returns for you, they are filed in the best interest of the government, usually with little or none of the deductions you are entitled to.

IRS Liens

  • Federal Tax Liens can really make your life miserable! When your taxes are not paid the IRS establishes a lien against all of your assets . This gives the IRS the legal right to collect taxes from the sale of your assets, which includes just about everything you own.
    Liens filed against you by the IRS also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. The banks don't want the extra work when the IRS comes in to take your money.
  • With a Federal Tax lien on your record you can't get a reasonable loan to purchase anything and you end up paying higher interest rate to acquire any assets. 

IRS Solutions:

Offer In Compromise:

  • Did you know that you can settle your debt with the IRS for just pennies on the dollar with their Offer in Compromise program? The program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay.
  • The IRS Code states: "We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential..." (Internal Revenue Code section 7122).
  • Often it is possible to fully and completely eliminate the taxes you owe - including all penalties and interest - at an enormous discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done "right."
    If done correctly your debt may be settled for only 5-15% of what you presently owe. The key is to determine the least amount that the IRS will accept from you before you make the offer.
    • Payment Plan
    • If you are not eligible for offer in Compromise program, then you can request for a payment plan.
    • Penalties and interest will continue to accrue on your outstanding balances as you keep paying off the debt.
        

 


Accounting | Compilation, Review, and Audit | Business | Payroll | Taxation | Financial Planning