James Accounting & Tax Practice, P.A.
Tax Preparation
The tax laws are complex and change so frequently that it will usually be worth your while to pay a professional to consult and do your tax preparation. Ensuring that you receive all the credits and deductions to which you are entitled, is well worth the fee you will pay.
We take care to upgrade our skills and knowledge, and keep abreast of the changes in tax laws to ensure that we can serve our clients in the most effective way. Our tax preparation services include consulting with you to become familiar with your situation, ensuring that you get all deductions or credits to which you are entitled.
We are familiar with a wide range of legal tax reduction strategies designed to save you money. Tax avoiding strategies include income splitting, income shifting, tax deferral, and much more. To be successful with tax avoiding strategies, it is important to plan; more can be achieved if you sit down with your CPA before going ahead with transactions.
Choosing the right type of business entity is the first step in saving taxes, and we can help you make this choice, based on your individual circumstances. Even if you are already in business, it is worth examining if your business entity is the most tax efficient one for you.
Choosing the right type of investment can also affect your tax liability in a significant way. Should you do the regular or the Roth IRA? That depends on your income in the current year, and your expectations for future years. We can discuss various types of tax free investments with a view to reducing your tax liabilities.
Can you reduce your taxes by investing in real estate? Some tax payers can; it depends on your income and how involved you are in the real estate activity. For many tax payers, this is great way of reducing or deferring tax liabilities. Let us show you how.
Know in advance how your decisions will affect your tax liabilities. When you plan to purchase or sell property, or take money from your retirement plan, talk to your tax professional to see how these transactions will affect your tax liabilities. Sometimes, the timing of transactions can make a difference in how much you pay in taxes. Furthermore there may be different ways of achieving your objectives, with better tax consequences.
We can assist you in exploring available alternatives, with a view to lowering your taxes, and estimating what your tax liability will be. It is better to know in advance. No one likes an unpleasant surprise near April 15.
Resolution of Tax Problems
If you have back taxes to file, further delay will only cost you. The IRS and the states catch up with you eventually, and as long as you have a job, real estate, money in the bank, or even accounts receivables, the IRS will collect. The sooner you start fulfilling your tax obligations, the less your final tax bill will be.
You may even be due a refund, and once again delay will cost you because refunds are not paid if the return is filed 3 years after the due date of the return. We can help you file your back taxes even if you can’t find your paper work.
If you owe the IRS there are some options that will still allow you to have a life. You may be able to obtain an installment agreement where you pay an affordable amount each month until the full balance is settled. You may also qualify to make an offer in compromise. With this option the IRS accepts less than the full balance due, giving you a new start so to speak. Delay is usually costly. The debt keeps growing due to interest and penalties, and the longer you delay, the more drastic IRS collection activities become. Eventually you could have your wages levied, liens placed on your assets, or even seizure of your assets. Let us review your situation, and see which of these options is suitable for you.
If the IRS owes you a refund, and despite your best efforts your refund seems to have been placed in file 13, we can help you cut through the red tape, and endless letters that seem not to explain anything.