Tax Services
Tax Preparation
Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation. Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, S corps, C corps, LLCs, partnerships, trusts, estates, and not-for-profit organizations.
Tax services offered include but are not limited to:
*Helping you organize your records for tax return filing
*Tax return preparation
*Taxing authority representation
*Divorce and support issues
*Tax effects of buying/selling a business
We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year.
Tax Planning
We prefer to take a proactive vs. reactive approach to tax services. We stay up to the minute on new tax laws and legislation. Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities.
IRS Representation
After the audit comes the resolution. Sometimes you don’t agree with the auditor’s findings. In that case, further representation is required. We offer repeals, petitioning, and even going into tax court, if the situation is warranted. In instances where the determination is fair, but the funds to pay the tax due is simply not available, we work with you on payment plans, and if you qualify, Offers in Compromise.
Accounting Services
Audit Services
Audits are back and they’re bigger than ever. The IRS is out to plug the tax gap, the difference in what taxpayers should have paid and what they actually paid on a timely basis. The net tax gap for 2001 was $290 billion. Audits are the main weapon in closing the gaps. For individuals, instead of waiting several years to conduct vast numbers of line-by-line exams, in the new wave of audits, IRS intends to focus on thousands of random audits each year. Starting in October 2007, one study will look at 13,000 randomly selected individual returns for the 2006 tax year. Similar sample sizes will be used in subsequent tax years. The initial group of taxpayers selected for random audits under the new study will start receiving official letters in October informing them that they are part of the research study. In addition, S corporations are part of a separate compliance study. Approximately 5,000 returns filed for the tax years 2003 and 2004 are being pulled. If you are chosen, or if your return is being audited for any other reason, don’t panic. We’re here to help. We can review your return, help you organize your data, present everything in the utmost professional manner and see that the situation is resolved as favorably as possible.
Cash Flow & Budgeting Analysis
A nonprofit or small business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your organization's financial condition, estimate financing requirements, and track cash-flow sources and uses. We can also set up budgets to track percentage of activity in program or business unit, fundraising or sales activities and general admin. We can assist you with implementing budgets and performing budget to actual financial reports.
Financial Forecasts & Projections
Forecasting is a necessity when trying to effectively raise capital or manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in projecting your company's future performance and needs, in a dynamic and changing environment.
Consulting Services
Business Entity Selection
Choosing the form of entity of your business (e.g. S corps, sole proprietor, Limited Liability Company) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.
Consulting Services
We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following is just a few of the areas in which we provide consulting services:
*Accounting software selection and implementation
*Type of entity selection
*Business valuations
*Buying/selling a business
*Computer systems
*Financial & retirement decisions
*Estate, trust & gift planning
Miscellaneous
Non-profit 990 Tax Returns
We have a specialized staff with expertise in preparing Federal Form 990 informational tax returns, State 199 and RRF-1 returns. We consult on any tax guidance issues; meet with clients to discuss issues related to their informational tax returns, research matters related to nonprofit compliance and represent nonprofits in any audits or dealings with the IRS that requires the services of an Enrolled Agent or other authorized representative.
Partnerships, LLCs, S Corps
LLCs, S Corps & Partnerships (Pass Thru Entities). From 2000 through 2004, S corp, LLC and other partnership returns rose by more than 21%, from 4.96 million to 6 million. By 2012, they are expected to go up 42% from 2004. We work with S corp owners, LLC members, and partners of various types of partnerships to understand the unique benefits and idiosyncrasies of their pass-through entities. We help you track basis, apportion gains, losses and other transactions to the appropriate capital accounts, prepare the returns and optimize tax strategies to your entity.
Schedule C Entrepreneurs
Sole proprietors are no longer out there on your own. We have dedicated and highly skilled preparers knowledgeable in identifying legitimate deductions, avoiding pitfalls, tax planning, and proper record keeping should your return be selected for audit. We work with you to gather and organize your information for tax prep, maximize deductions, set up retirement plans and reduce your tax exposure. We will work with you to give you the best possible soultion to fit your needs.
Individual Tax Returns
Working with our expert staff, we work to uncover personal tax tactics that enable you to cash in on tax-saving opportunities. We work with you, whether you’ve just sold your house, now have rental income, have questions regarding inherited IRAs, or any number of other situations that make you need a professional preparer. We pride ourselves in educating you at every interaction. Tax planning guidance may include easing out of estimated tax penalties, finding creative ways to offset passive gains with passive losses, and/or making your annual charitable donations of low-basis stock instead of your cash in the bank to pay no capital gains and get the current stock price charitable donation amount. We want you to understand your tax opportunities and liabilities, so that you can make the most informed, beneficial decisions going forward.
Support for Delinquent Filers
Support for Delinquent Filers (helping people get current who have not filed and/or are already in trouble with the IRS). Having missed one or more years without filing can be stressful and frightening. Getting current takes the weight off your shoulders. We can help you catch up and understand the various milestone amounts of total liability and how they are treated by the IRS. We can work with you to identify payment strategies and implement payment plans that are most advantageous to your situation. We encourage you to do so, before your bank account is levied, before your assets are frozen and before the Franchise Tax Board comes knocking at your door.
Financial Literacy & Coaching
We have a number of options and will put together a program that will benefit you as an individual and those around you. We showcase sound and logical ways to incorporate these practices into your business. Some of the areas we cover include:
QuickBooks bookkeeping training for business owners and nonprofit managers.
QuickBooks setup & support.
Financial coaching, focusing on goals, values, budgeting, tax planning, asset management, wealth preservation and more.
Organizational consulting, including structure and interpersonal process.
Business startup services, focusing not only on what it will take to start, but what to do to help you continue and grow your business for years to come.
Financial statements - making sure your financial records are timely and accurate.
QuickBooks Training
As a certified QuickBooks ProAdvisor, we offer training to you on how to use QuickBooks to benefit your personal or business needs. You can also submit your QuickBooks files to us via our secure File Share portal located on the Savvy Tax Welcome page.
QuickBook Pro Advisor
Savvy Tax is a certified QuickBooks ProAdvisor.