Tax Prep & Planning
Buck CPA Will Provide You With Personal Tax Assistance to Help You Reduce Taxes
Tax planning is an essential step to achieving your financial goals. Retiring comfortably, owning your first home or maybe a vacation home, putting your 1st, 2nd and 3rd child through college can be easier to reach with a tax professional helping you minimize your tax liability.
We do more than just prepare taxes, we ask questions, we make recommendations and we help you plan to reduce taxes. We believe you should never pay more than your fair share of tax. We help you take every legal tax deduction and tax credit you for which you are entitled.
The range of qualifications between tax preparers and tax professionals is astronomical. From one tax preparer to another tax preparer you might find someone with 2 weeks “software” experience to 20 years oe more actual experience. You might come across an accountant who can crunch numbers, but has never prepared a tax return or a tax preparer who doesn’t know how to calculate investment basis. If you search diligently, you might find a few specialized individuals, such as us, who study the tax code, provide tax planning services and defend taxpayers against the IRS.
Whether you need tax help personally or for your business, you deserve a tax professional with proven experience like Tom Buck.
Small & Home Based Businesses
Tax Planning goes well beyond preparing tax forms. It involves spending more than an hour of time with you once a year. In helping you solve your IRS problem, we come to know and think of you as family. We want to help you take advantage of every personal tax deduction and business tax deduction that your are legally entitled to. We understand how to use proactive tax planning to take advantage of the tax code.
- Personal Taxes
- Small & Home Business Taxes
- Unfiled Tax Returns
- Free Consultation
- Fee Structure
- Tax Questionnaire
- Make Payment
Regarding Small and Home Business Taxes, whether you are looking to supplement your income with a part-time business or build a business empire, tax planning can help you reach those goals. Tax planning means getting to know you, your family, your business, your goals… With this understanding, we can help you maximize your tax deductions, thereby helping you reduce taxes. The more income you keep, the more you will be able to invest in your business, your retirement, and in reaching your goals.
Proper Business Entity Structuring of Partnerships and Corporations is Essential to Reducing Taxes
While businesses strive to reduce budgets and survive in the current economy, the IRS is hiring additional staff to fund new and existing social programs. Businesses will likely continue to be the target of their efforts.
Our business tax planning and preparation services are designed to be client centered; we focus on understanding our client’s business to allow us to effectively advise our clients on how to legally reduce taxes. Maximizing tax deductionsinvolves planning and record keeping. Keeping accurate, timely records not only allows you to reduce taxes, but it also helps prove them if you are audited.
If your tax preparer is simply dumping in your numbers every year and you aren’t confident they understand the complexities of partnership and corporate taxes, feel free to contact us for a free phone consultation.
Choosing the right business structure for your situation will significantly impact your tax liability over the long haul. The key here is being proactive. You call your insurance agent before you trade in or buy a new car; call us before you start or change your business structure.
Proper Entity Planning to Help You Maximize Your Tax Savings
Choosing an entity type can be quite confusing and can result in negative tax consequences if implemented incorrectly. The following is a listing of common business entity options available including some major tax attributes for each entity type:
No setup required and no liability protection provided. All net icome will be subject to self-employment tax in addition to income tax.
No setup required and no liability protection provided. Income is not taxed at the partnership level, it flows to the partners’ individual tax returns. Net income is split between the partners. A general partner’s portion of net income is subject to self-employment tax in addition to income tax. A limited partner’s portion of net income is not subject to self-employment tax. Capital distributions to partners are not taxed.
Requires setting up a separate corporate legal entity. Provides some owner liability protection. Net income is taxed at the corporate level and any dividends paid to shareholders are taxed at the individual level, resulting in double taxation. Fringe benefits paid to certain owner-employees are deductible as an expense to the corporation and not considered taxable income on the owners’ individual tax return. Owner-operators are required by law to take a “reasonable” w-2 wage from the business.
Requires setting up a separate corporate legal entity. Provides some owner liability protection. Net income is not taxable to the corporation; it flows through to the shareholder’s individual tax returns. Capital distributions to shareholders are not taxed. Fringe benefits paid to certain owner-employees are deductible as an expense to the corporation and considered taxable income on the owners’ individual tax return. Owner-operators are required by law to take a “reasonalbe” w-2 wage from the business.
Limited Liability Company (LLC)
Requires setting up a separate legal entity. Provides some owner liability protection. For tax purposes, a LLC be can set up as a sole proprietorship, partnership, C corporation, or S corporation.
Let us help you explore the possibilities for your business and help you discover the business entity that is right for you!
Call for Your Free Consultation Regarding any IRS Tax Problem or IRS Notice You Have Received
The only way we can properly analyze your particular situation is to start with a FREE phone consultation. Whether you have an IRS audit and need tax audit defense or you have a collection problem involving an IRS levy, IRS tax lien or even IRS penalties, we have experience in solving every one of those problems.
We encourage you to contact us by phone to make an appointment for your FREE consultation. We will honestly assess you IRS tax problems to determine if we can help. Sometimes we conclude that a case is not winnable. We will NOT take on a case that we don’t feel can be won. Our very high success ratio in providing IRS help and IRS advice depends on our being completely up front with our clients.
If we determine that we can help you by providing you with IRS audit representation or we can assist you with your tax levy or tax liens, or in drafting an offer in compromise, we will tell you how we would like to proceed, what the chances are of winning and discuss fees.
One thing we can promise is this: Once you have become our client we will do everything in our considerable power, legally, to protect you and get the results you hope for and deserve.
Unfiled Tax Returns
Whether you’ve missed one year or ten, unfiled tax returns can easily come back to haunt you.
The IRS has access to an unfathomable amount of information and a staff that is growing exponentially. Unfortunately, there is NO statute of limitations on unfiled returns.
Taxpayers who fail to file could end up with SFR’s or Substitute for Returns, happily generated by the IRS for you. Naturally SFR’s include little more than income, tax withholding and standard deductions; no business or itemized deductions that you are legally entitled to.
The good news is you are entitled to file your own tax returns, but the IRS will quite often put a tax levy on your bank accounts and/or paycheck until the balance owed according to the SFR is paid in full or the actual tax returns are filed and that balance is paid.
If you want to enter a payment arrangement with the IRS for back taxes or want to stop a levy, we can help you get those old tax returns filed. The IRS will not accept payment arrangements until all past due tax returns are filed. Contact us today, we charge a $149.00 deposit for each year that needs to be filed and bill according to the forms required to complete the return. Please feel free to print our Fee Schedule above, we have no hidden fees.
Make Your Payment to Buck CPA LLC
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