Individual Taxation

After years of serving clients in some of the largest metropolitan areas, our practice has obtained the expertise to navigate your specific regulatory environment and achieve desired outcomes on your return with solid professional integrity.

Some common areas that we handle on a daily basis:

- Self-employment/contractor/freelancer income
- Rental property
- Sale of Home
- Equity Compensation. For example, RSU, ESPP, ISO, NSO, etc.
- Multi-state allocation
- Company IPO, merger & acquisition
- Crypto currency
- Foreign Income Exclusion & Foreign Tax Credit

Our individual tax services provide fast and accurate results.

For individuals with Equity Compensation, we can discuss when and how to exercise or sell your stocks/options to optimize your net after tax income based on your vesting schedule.

For individuals with a business, we can discuss quarterly taxes as well as methods to structure your company, such as possible s-corp conversion or other types of credits & deductions.

Tax Planning

Over the years, clients have given us one important piece of feedback: they often do not want someone “just filing our taxes.” Long-term strategy and building a relationship are important considerations. Some frequent topics that we are hired to discuss include:

Equity compensation – timing & quantity of stock option sales/vests
New home purchase & related tax effects
Joint vs. separate tax returns
Tax benefits of dependents
Quarterly estimated taxes
Moving states

Feel free to contact us to discuss any of these (or any other) long-term tax planning topics.

Past-Due Tax Returns

We have been approached frequently with requests to reconcile past records and file past-due tax returns. Even if you have lost your records, our team will assist in obtaining information from the IRS and any relevant states.

We can help estimate, reduce, or eliminate taxes or interest through various abatement programs, payment plans, and debt settlements (tax reductions) that are available through the government.

Give us a call to learn more about our individual tax services today.

Business Taxes

Corporate & Partnership Taxation

There are three main types of business entities that require federal tax filings. Partnerships, C-Corps, and S-Corps. Below is a discussion of each, as well as a brief comment on LLCs:

Partnerships

If you have more than one member in your business but have not otherwise incorporated as an S-Corp or C-Corp, you should likely be filing this return. It is reported on Federal Form 1065 and (if applicable) certain state schedules. We support all 50 states. This default classification arises if you apply for an EIN number for a business entity that has more than one owner. This default classification also arises if you have registered an LLC with your state and that LLC has more than one owner, equity partner, or member.

S-Corp

An S-Corp is a small business corporation structure allowed by the IRS. It is reported on Federal Form 1120-S and (if applicable) certain state schedules. We support all 50 states. This is not a default classification – rather, you must apply for it and be approved by the IRS. The appeal of this classification is that it allows for decreased self-employment taxes on your individual return. These tax savings may be substantial, depending on the annual net income of your business. Please contact us for more details or to file your annual return.

C-Corps

A C-Corp is a taxable entity that pays taxes in its own right. It is reported on Federal Form 1120 and (if applicable) certain state schedules. We support all 50 states. This structure is the default classification you must file with the IRS after you file as a corporation with your state or after registering your EIN as a corporation with the IRS. The C-Corp structure allows many shareholders and is the common classification for many Delaware startups and larger businesses.

A Comment on LLCs

An LLC often has state filing requirements. We support all 50 states. However, for federal purposes, you would be filing your LLC taxes on one of two forms: From 1040 Schedule C or Form 1065. If you are the only owner, partner, or member of your LLC, then you would report on Federal Form 1040 Schedule C. If you have more than one owner, partner, or member of the business, then you would report on Form 1065, unless you have specifically incorporated as an S-Corp or other type of entity.

Please contact us anytime regarding any of these entity types as we have helped thousands of businesses of various size over the years.

TAX REDUCTION RELATED TO COSTS

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GROWTH IS YOUR FRIEND

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MANAGING YOUR FINANCES

Managing accounting

Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfil the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis, and are not required to follow the generally accepted accounting principle (GAAP).

TAXES AND EXPENSES

Tax accounting

Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting.[36] U.S. tax law covers four basic forms of business ownership: sole proprietorship, partnership, corporation, and limited liability company.

INVESTMENT AND RETURN

Accounting firms

Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms.

Accounting firms grew in the United States and Europe in the late nineteenth and early twentieth century, and through several mergers there were large international accounting firms by the mid-twentieth century. Further large mergers in the late twentieth century led to the dominance by the auditing market by the Big Five accounting firms: Arthur Andersen, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers. The demise of Arthur Andersen following the Enron scandal reduced the Big Five to the Big Four.