Taxes
It's not how much you make, it’s how much you keep. Taxes isn't just something you do once a year on April 15. Its actually more important to do tax planning during the year as it is likely that your tax liability can be significantly reduced. Just as important, your CPA should be someone you go to when making personal and business decisions that could affect your taxes. How you frame a deal can be just as important as the deal itself. Once you sign the contract or the year ends, the CPA can only work with what he or she is given. In the end, its not how much you receive, but how much you get to keep. Individual We have been preparing personal tax returns for 25 years and we are confident that we can prepare a tax return that will satisfy your need for accuracy and tax savings. We prepare tax returns for all 50 states and can prepare your returns even if you live outside the United States. If you are non-resident alien earning in the United States, we can help you with your tax issues also. Please call us now! Business Just like people, businesses have to file tax returns every year. We don’t want your business success to be offset by huge income taxes. There many types of business entities from self employed who file form Schedule C through their personal tax return to corporate business that file as C-Corps, S-Corps or even as a LLC. We can prepare these returns for you and help you decide what entity would work best for your business. Trust and Estates The world of trust and estates covers a large part of the tax law. It governs the management of personal affairs and the disposition of property in the event a person dies or becomes incapacitated. Trusts can be setup to protect assets or donate them away. They are created to minimize taxes especially when someone passes away. The trust manages the assets of the deceased after death and remains active until the assets are distributed to the beneficiaries The estate is legal entity that manages the assets of a deceased person and pays tax on any earnings that are earned after the taxpayer dies but prior to the assets going to the beneficiary of the deceased. Typically, an estate is created after death because no trust was created prior to death. The estate continues until all of the assets are distributed. Gift Taxes Most people are confused when the topic of gift taxes comes around. The person who receives the gift never has to pay a tax. Only the person who makes the gift has possible tax consequences. As of 2012, anyone gifting someone else an asset or cash valued at 13,000 or less has nothing to do. It also means that if you are married, both the husband and wife can each give 13,000 to their friend or relative. If the asset or cash is more than 13,000, then a Gift tax return must be filed. |
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