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These 5 Documents Your Accountant Needs

These 5 Documents Your Accountant Needs

Posted on: December 9th, 2016 by consultingsrvs No Comments

These 5 Documents your Accountant Needs

Tax time can be stressful for small business owners, especially when you’re trying to get all of your receipts together and trying to think back on everything you did and spent last year. Although your accountant can help sort and summarize your statements, it will be less expensive if you do it yourself. Here is a list of five documents Consulting Services Inc. will need from you to do your taxes.

  1. Your Financial Statements

Financial statements are your financial documents comprised of balance sheets, income statement, and cash flow statement. For your tax purposes, your income statement is the one our accountants will use the most, but we will also want your  business assets and liabilities.

  1. A List of all Capital Asset Activity

If you have bought, disposed of or sold any of your capital assets in your company during that year, you will have to account for that in your tax return. The accounting software you have will let you print out the list of all of your capital-asset, that list gives our accountants all detail needed to classify any changes. If your listing does not specify the exact nature of the assets being bought and sold, make notes.

  1. Vehicle expense Log

When you use your own vehicle if it’s all the time or sometimes for your business, you would be able to claim a portion of your expenses on your vehicle as a deduction on your business income. The IRS will allow you to calculate it one of two ways:

  1.    Simplified method, will let you apply an IRS-mandated mileage rate to all business miles you would drive in that year. For the tax year 2015, standard mileage deduction would be $0.575 per mile
  2.    Actual expenses method, you would need to add up all your vehicle operating expenses (i.e. gas, lease costs, loan interest, maintenance and repairs, insurance, etc.). Then, divide your miles driven for your business by the total miles driven in that year, then you apply that resulting percentage to your operating costs. That would be your allowable deduction.

Under both of those methods, you would need to keep track of all your business mileage in a log. This can be as simple as writing down dates, any descriptions, and the miles into a blank notebook, or use QuickBooks Self-Employed program to keep track of the mileage and automatically do the  deduction. Whatever method you use, make sure you provide the vehicle log at the end of the year to your accountant.

  1. Home-Office Expenses Summary

If you are using your home as your office and sole place of business and you regularly meet your clients there, you could claim expenses. Those expenses would include a percentage of all your utilities, maintenance expenses, repairs also your home insurance, and mortgage interest or your rent expenses. You would need to calculate your home-office deduction by dividing the square footage of the office space by the square footage of the living area of your house or divide the number of rooms your home office will be using, by the number of rooms in your house. Whichever formula you use, multiply the total home expenses by your home-office percentage. Some accountants will want all of the original receipts, others will want just the summary of your receipts; ask before hand what your accountant will need you to provide so you are ready with those documents come tax time.

You can also use the simplified method to claim your home-office deduction. This method allows you to deduct $5 per square foot of the office space you use in your home for your business.

  1. Mortgage Interest and Property Taxes Form 1098

The mortgage company likely issued you an IRS Form 1098 which at the end of the year summarizes your property-tax payments and mortgage-interest for that year. Your accountant will want this form to claim your mortgage-interest deduction which homeowners are entitled to. Your accountant will also need them as part of your home-office deduction, If you have more than one mortgage, be sure to have a 1098 Form  for each one them.

Everyone knows that tax time can bring about a lot of stress and frustration, but by being prepared and working with us at Consulting Services Inc., we make the overwhelming process of dealing with your taxes easier for you and avoid a few headaches.

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Where do I pay my state taxes, I live here and work there?

Posted on: November 16th, 2016 by consultingsrvs No Comments

 

Where do I pay my state taxes, I live here and work there?

You found the job of your dreams, however, the position is in another state. The location is close enough for you to commute to work every day so you wouldn’t have to move, but still, you are  faced with the one question of how and where to pay your state income taxes.

The general rule is that you have to pay non-resident income taxes for that state you work in and pay resident income taxes in the state where you live, all this while filing tax returns for both states. Be that as it may, the general rule has many exceptions. The one exception occurs when one of the states doesn’t impose income taxes. Another exception occurs when a reciprocal agreement prevails between two states.

What if there are States with no State Income Tax?

There are seven states: Alaska, Nevada, Florida, Texas, South Dakota, Washington, and Wyoming that have no income tax at all for residents. There are two states: New Hampshire and Tennessee that tax only on interest income and dividends. If you are working in one of those nine states, but live in one of the other 41 states, including the District of Columbia, that does have state income taxes, generally, you will pay only the resident state income taxes for that state where you are living. As alike, if you are living in one of those nine states and work in a state that has state income tax, you would only have to pay nonresident taxes for that state where you are working.

Here’s an example, say you live in Virginia and work in Tennessee, you would pay the Virginia resident state income taxes. As well as, if you worked in Virginia and lived in Tennessee, you would then pay the Virginia nonresident state income taxes. However, in these cases, you would only have to file a single state income tax return.

States that have Reciprocal Agreements

What if you commute every day to Illinois and live in Wisconsin? It just so happens that Illinois and Wisconsin share what we know as a reciprocal tax agreement. In this case, your Wisconsin employer would deduct the state of Wisconsin taxes from your paycheck, and none for Illinois. Same as if you live in Illinois but work in Wisconsin, your Illinois employer would only deduct Illinois resident state income taxes from your paycheck. In both cases, you would only have to file one state income tax return.

States that do not have Reciprocal Agreements

If you are unfortunate enough to work in a state that has no reciprocal agreement with the state you live in, (for instance, Indiana), then you will have to file your income tax returns for both of the states. However, you would be able to claim a credit on your resident state income tax returns for the state income taxes that you had paid for the nonresident state. The outcome is that you actually pay taxes for only one state, even though you have to deal with the difficulty of filing returns in both the states.

However remember that reciprocity is not an automatic. You need to file a request with your employer to deduct your income taxes based on your state of residence and not where you work. If you do not make a formal request with your employer, you will automatically be taxed by both states and you will be required to file two state tax returns.

When you have to File Multi-State Income Tax Returns

If your tax situation is not complicated and straightforward there are many online tax preparation software programs that come with instructions on how to fill multi-state tax returns. If you are faced with the inconvenience of living in one state and working in another, and filing your taxes on your own seems overwhelming to you, give the daunting task of filing your state taxes to an  attorney.

At Consulting Services Tax & Accounting we are the tax problem solvers and we are ready to help you with all of your tax, accounting, payroll and business needs. We pride ourselves in being able to take any tax problem and break it down to reach an end result of an accurate and completed tax return. We are conveniently located off of University Avenue on Segoe Road, in Madison WI.

Choosing a Professional Payroll Service

Posted on: August 10th, 2016 by consultingsrvs No Comments

Choosing a Professional Payroll Service

If you’re operating a business, there are two main ways of paying your employees: Choose to handle payroll yourself, or you can choose to use a professional payroll service to do it for you. However, if accounting is not your area of strength and you aren’t knowledgeable regarding payroll tax laws, then a professional payroll service is the likely way to go.

Before you select a professional payroll service, however, it’s crucial to understand how your company will benefit from the services provide, what accounting tasks a professional payroll provider can perform, the costs of the services they provide, and exactly what you should look for in a payroll service during the decision making process. You will also have the option to choose a local payroll service, or you can choose to use an online payroll services which may be accessible from anywhere.

Payroll Services

Professional payroll services assist businesses with managing payroll. Typically, payroll services offer the following services:

  • Run payroll:Professional payroll services uses an automated system to calculate how much your employees should be paid per pay period, and they will deposits funds via direct deposit or issue a check.
  • Payroll taxes:Professional payroll services can withhold employee taxes, file quarterly payroll tax reports and distribute the tax withholdings to the appropriate state and federal agency. Additionally, they will issue W-2 and 1099 forms at the end of the tax year.
  • Report filing:Professional payroll services can complete all of the required reports and filings that with federal, state and local governments agencies. Additionally, payroll services will submit the reports time.  Also, some payroll services offer businesses the ability to review reports online.
  • New hires:Many professional payroll services report new hires to the government for you.
  • Integration:Most professional payroll services integrate with accounting software. This provides businesses with the ability to keep more accurate financial records.
  • Paid time off:Many professional payroll services keep track of employees’ paid time off. This will give your business the opportunity to approve or deny paid time off requests.
  • Benefits administration:If your company offer employees health insurance options, professional payroll services may offer programs to manage your company’s health insurance plans, flexible spending accounts and transportation reimbursement plans.
  • Retirement services:Professional payroll services may use a system which will make it easier for your business to set up and monitor a retirement plan such as 401(k) and IRA retirement plans, and allow for employees to control their contributions.

 

Consulting Services Tax & Accounting is a full service agency.  We offer in-house accounting, professional payroll services to help you manage payroll, health insurance plans, flexible spending accounts, and bookkeeping services.  Call us today, and we will be happy to give you a free strategy session before we begin to work together.

Tax Audit Myths

Posted on: May 23rd, 2016 by consultingsrvs No Comments

 

Tax Audit Myths

An audit is arguably the most dreaded outcome of the tax filing process, and the situation carries with it some unsettling mystique. The popular perception has the IRS showing up on your doorstep, or your place of business and randomly seizing the bulk of your personal assets. However, experts say, audits contrast greatly from the myths.

Audits are something most people should not be afraid of.  A lot of times the government doesn’t want to do these audits.

In fact, one of the most enduring tax audit myths holds that an audit is a common occurrence. The experts generally agree that the IRS would rather not have to audit. One reason is because of the resources required to conduct an audit, and the negative audits generate.

Fact of the matter is the IRS audits only a small percentage of filed returns. Nevertheless, myths about who or who does not get audited, and why, run the gamut.

Myth: Be very afraid of an audit

One looming myth suggests the audit process is something one should panic about and feared desperately. The truth is that most people generally only need to respond to a few IRS questions. Typically, you’ll need to send information or a check for the additional money and that’s, that.

Myth: Professionally filed returns are audit-proof 

Paying a tax preparation company will not shield you from an audit. Competition among tax preparation companies is fierce. The most effective way for these places to compete is to claim to get you the biggest refund.

 

If you or your business has been audited and you require representation, you can rely on Consulting Services Tax and Accounting to provide the expertise with your tax audit.

 

 

Tax Preparation

Posted on: May 4th, 2016 by consultingsrvs No Comments

 

Tax Preparation

We’ve all done it. But, this year is going to be different! I’ll have my taxes filed early this year! Sound familiar? You said it once, you’ve said it a thousand times, and every year, it’s the same story. Maybe you realized you never received a crucial document in the mail, you misplaced some receipts necessary to back up that big write-off you were counting on, or maybe your total deductions aren’t quite adding up.

Relax, you’re not alone — or doomed to miss the filing deadline. Tax-time problems are quite common. And while they may seem scary at first, most issues can be easily fixed-with a little tax preparation and know how.

To help you navigate the season’s trickiest head scratchers, we’ve laid out several common tax problems — plus some tips for putting you back on track.

1. There’s A Mistake on My W-2

If your W-2 — the federal form issued by your employer that indicates how much you’ve earned for the year reports the wrong amount of income, the Internal Revenue Service could slap you with an inflated tax bill.

As soon as you realize there’s an error, contact your employer and ask for a corrected form.

This process can take a while, so think about filing for an extension. The good news is that the IRS will have records showing that you’re working toward a resolution.

2. My Former Employer Is Out of Business

If you haven’t received a W-2 because you’re company has gone out of business, it’s possible that the IRS could bill you for back taxes, with interest and penalties.

If your company went under before issuing you a W-2, you can file a substitute wage statement, also known as Form 4852. Use information from your last pay stub to complete the document. Can’t find your last paycheck? Then carefully estimate your numbers. You’ll have to substantiate your figures on Form 4852 should you ever get audited by the IRS

3. I Didn’t Receive My 1099

Independent contractors are typically on their own when it comes to reporting their income and paying taxes, unlike W-2 employees. So it’s crucial to keep track of the 1099’s issued by clients in order to substantiate your income claims.

If a company fails to send you a 1099, it’s not the end of the world. Just because there are no withholdings reflected on the 1099, your own records of income are enough to file your tax return. Make sure you’re keep records of client invoices, deposit receipts and bank statements, all of which can be used to determine your income and tax liability without a 1099.

4. I’m Missing Substantiating Documentation for a Deduction

If you choose to itemize your deductions, receipts and other supporting documents will be needed to prove how much you spent. Otherwise, the IRS could disallow your deduction. If you’re just missing a few records or receipts, you’re probably OK.

If you can determine the number of miles you’re vehicle averages per gallon of gas, then you can calculate how far you drove. Be sure to deduct personal use from the total mileage. For other business deductions, a credit card or bank statement may serve as proof of an expense.

5. How Do I Prove I Had Health Insurance

Starting in 2014, all taxpayers must prove they have health insurance to avoid paying federal penalties. If you obtained a policy on the exchange you will receive Form 1095-A, as supporting documentation

The IRS has not given specific instructions about what types of documentation to provide to show health insurance coverage, and that can be confusing. It is suggested that you offer as much information as possible including copies of your insurance card and/or billing statements from your insurance provider, or your final pay stub, showing how much was deducted from your paycheck for premiums.

Consulting Services Tax & Accounting offers business and personal tax services, including tax services for late filer, non-filers, and for anyone who may have fallen behind in the payments of their tax obligations. Estate & Trusts tax preparation is also one of our specialties.
If you or your business has been audited and you require representation, you can rely on our expertise with the audits.
A full service agency, we offer in-house accounting or payroll services. Call today, and we will be happy to give you a free strategy session before we begin to work together.

Steps to Tax Planning

Posted on: May 4th, 2016 by consultingsrvs No Comments

 

Steps to Tax Planning

The federal government estimates that 60% of individuals use a paid preparer to complete and submit their tax returns. If you us a paid preparer, it’s important to get started right away so you can have a successful tax return experience. This year, federal returns (or applications for an extension) are due on April 18, 2016, Even with this slight delay, you still need to get started promptly.
1. Choose a preparer.
A reputable tax preparer is also a good idea. If you don’t have one, get busy finding one now. A great way to find a preparer is to ask friends and to make a referral. Be sure the person you choose is a qualified tax preparer with a Preparer Tax Identification Number (PTIN). Make sure you inquire about the fees being charged, and steer clear of anyone taking a percentage of your refund. You can search for a tax preparer according to the qualifications you’re looking for.
2. Schedule an appointment.
Be sure that you meet with your preparer and make of list of items you’ll need to bring so that the preparer will have everything need to prepare a complete and accurate return. It is especially important to act promptly if you anticipate a refund so you can receive your money promptly. Waiting to the last minute to schedule an appointment, may cause you to miss out on some advice or course of action that can lower your tax liability.
3. Tax Information.
By the end of January, you should have received various types of information returns that you need. Verify each form making sure that the information matches your own records.
4. Receipts.
What receipts you’ll need depends on whether you choose to itemize your personal deductions or claim the standard deduction. Obviously, you will choose the filing option that produces the greater write-off. Unfortunately, the only way to know for sure is to determine the amount of your itemized deductions and compare them with your standard deduction amount

.

5. Charitable Contributions.
If you made donations to charity and itemize your deductions, you’ll need records to claim any write-off. For example, for contributions of $250 or more, you’ll need a written acknowledgment from the charity stating the amount of your gift or contribution, and that you did not receive anything in return. If you do not have an acknowledgment, contact the charity and ask for one. You’ll need the acknowledgement when you file your return. Details about this and other documents can be found in IRS Publication 1771.
6. Tax Law Changes.
You don’t have to become a tax expert but it helps to know about new tax rules. For instance, the individual healthcare mandate created many of the new changes, including new forms for claiming the premium tax credit for eligible individuals who purchased coverage through a government Marketplace (exchange) and for figuring the shared responsibility payment for those who failed to carry coverage and do not qualify for an exemption.
Consulting Services Tax & Accounting is a full service accounting firm. We offer business and personal tax services, including tax services for late filer, non-filers, and for anyone who may have fallen behind in the payments of their tax obligations. If you or your business has been audited and you require representation, you can rely on our expertise with the audits.
Call today and we will be happy to give you a free strategy session before we begin to work together.

Reduce Your Taxes

Posted on: May 4th, 2016 by consultingsrvs No Comments

Reduce Your Taxes

The objective of tax planning is to arrange your financial affairs so as to minimize your taxes. These three basic methods can reduce your taxes, and each method might have several variations. It is possible to reduce income, increase deductions, while taking advantage of tax credits.
Reducing Income
A key element in determining taxes is the Adjusted Gross Income or (AGI). There are many things which depend on your AGI (or modifications to your AGI), your tax rate being one of them. AGI even impacts your financial life outside of taxes: banks, mortgage lenders, and college financial aid programs ask for your adjusted gross income, a key indicator of your finances.
Because of the importance of the adjusted gross income, you may want to begin your tax planning here. What goes into your adjusted gross income? AGI is income from all sources minus any adjustments. Remember, the higher the total income the higher the adjusted gross income.
As you can guess, the more money you make, the greater the tax liability. Conversely, the less money you make, the lower the tax liability. The best way to reduce taxes is to lower your taxable income. And the best way to lower your taxable income is to contribute money to a 401(k) or similar retirement plan. Your contribution reduces your taxable wages, and lowers your tax bill.
You may be able to reduce your Adjusted Gross Income through various adjustments to income. An Adjustment to your income is a deduction; however, you don’t have to itemize them. Instead, you take them on page 1 of your 1040 and they will reduce your Adjusted Gross Income. Adjustments include things such as a contribution an IRA, student loan interest paid, alimony paid, or classroom related expenses. A list of all qualified adjustments can be found on Form 1040.

The best ways to boost your adjustments is to contribute to a traditional IRA, either through a 401(k) at work or through a traditional IRA plan. Contributions to these plans can reduce both your taxable income, as well as, your taxes
Increase Your Tax Deductions
Taxable income is a key factor in determining your overall tax liability. After you have reduced your AGI, taxable income is the result. Most filers can take a standard deduction, and some people are able to itemize their deductions.
Itemized deductions include expenses for items such as health care, state and local taxes, property taxes, mortgage interest, gifts to charity. A key tax planning strategy is to keep track of itemized expenses throughout the entire year. Your standard deduction and personal exemptions depends on your filing status and the number of dependents you have.

The best strategies for reducing your taxable income are to itemize your deductions. The three largest deductions are for mortgage interest, state taxes, and gifts to charity.
Take Advantage of Tax Credits
Now that we’ve fixed our taxable income, it is time to focus on tax credits. Tax credits will reduce your tax. There are tax credits for college expenses, saving for retirement, even adopting children.
The adoption of a child and college expenses provide the best tax credits are for. Most of us are not in a position to adopt a child, however, a lot of us could take some college classes. The Hope Credit is for students in their first two years of college, and The Lifetime Learning Credit are two education-related tax credits for anyone taking college classes. These classes do not have to be related to your career.
Avoid early withdrawals from your IRA or 401(k) retirement plan. The amount you withdraw will become part of your taxable income, and on top of that there will be additional taxes to pay on the early withdrawal.

A great tax credit and also the most abused is the Earned Income Credit (EIC). Unlike other tax credits benefits, the EIC is credited to your account as a payment, and that means EIC often results in a tax refund even, if the total tax has been reduced to zero. Filers may qualify for the earned income credit even if you earn less than a certain amount

.
Increase Your Withholding
Avoid owing money to the IRS at the end of the year by increasing your withholding. Increase the amount of money taken out of your paycheck throughout the year, so you’ll get a bigger refund when you file your taxes.
Consulting Services Tax & Accounting offers business and personal tax services, including tax services for late filer, non-filers, and for anyone who may have fallen behind in the payments of their tax obligations. Estate & Trusts tax preparation is also one of our specialties.
If you or your business has been audited and you require representation, you can rely on our expertise with the audits.
A full service agency, we offer in-house accounting or payroll services. Call today, and we will be happy to give you a free strategy session before we begin to work together.

Tips to Streamline Organization

Posted on: February 10th, 2016 by consultingsrvs No Comments

Tips to Streamline Organization

If assembling all of your tax records this year prompted you to decide that you need to get more organized, then we have some tips for you. Searching for documents you can’t find, overlooking important due dates, and experiencing a general lack of control over financial record keeping add unwanted stress to your and waste valuable time.

These suggestions will help propel you in a manageable direction toward improving organizational abilities and relieve you from that overwhelming feeling you get in the process.

Change your outlook

We usually concentrate on external steps to decrease clutter in our lives. Yet, your first step should be to develop an attitude to commit to change that allows you to function more efficiently, increase your resources and manage time better so you can organize your tax records.

Identify a workable structure

Difficulties associated with disorganization usually result from the need for structure. If the concept of tighter scheduling is unpleasant to you, consider applying this mindset only where you must have it the most, such is in the morning, or occasions when find you yourself easily distracted. Begin with sorting out the times you want to manage more successfully, and break them down into smaller increments, then prioritize your tax records.

Recognize problem areas

Some areas of your life probably function better than others. Devise a plan to take on challenging spaces that are most troublesome, such as an automobile or desk. Identify days or times of the month to regularly clean through these areas and remind yourself that in the end, everything will have a place to maintain order.

Arrange the clutter

If you often take too much time rifling for documents, keys or other items, it can be very exasperating. There is a solution to this problem that will take a little time but pay off in the long run. Designate specific areas for everything you use on a daily basis. Compartmentalize phones and chargers, put up hooks for your keys and set up baskets or containers to hold assorted kids’ and adults’ objects.

Use helpful technology

Digital devices can boost your organization efforts and support the progress you make. Eliminating or reducing paper with scanners and storage tools is good for streamlining essential financial documents. There are now smartphone apps to generate lists and reminders so you can keep track of what needs to be done in a way that will fit a schedule you find comfortable.

These tips are a good way become more organized, but you’ll need to motivate and use tools that are compatible with your lifestyle and goals. Take small steps with the easier tasks and you’ll be on your way to simplifying a routine that will add calmness and control in your life. Call Consulting Services in Madison WI today at 608-233-9769 for help achieving your financial goals.

Tax Tips for Charitable Donations

Posted on: January 29th, 2016 by consultingsrvs No Comments

Tax Tips for Charitable Donations

If you’re considering making a charitable donation by the end of this year, you’ll probably want to claim it as a tax deduction. If so, you must itemize the deduction. This is an important requirement you’ll need to follow. Read on to learn more details.

  • You can only deduct donations you give to authorized charities. Call the organization if you’re not sure if they are qualified. Keep in mind that you’re probably safe deducting any contribution to religious or government agencies.
  • Monetary donations can be made by check, credit card, electronic bank transfers, cash or a payroll withdrawal. Be sure to have it documented in writing or have a receipt from the charity before you deduct the gift on your tax return. The document must include the name of the charitable agency, the date and the amount of the gift. A bank record could be a canceled check or a credit card bill.
  • If you contribute by payroll deduction, save your pay stub, a W-2 form or documentation from your employer. The statement must record the total amount withheld along with a pledge card indicating the name of the charity.
  • Household gifts include furniture or furnishings, appliances, electronic items and linens. If you’re donating clothing or household pieces, they should be in good condition to claim the item as a tax deduction. A deduction exceeding $500 doesn’t apply to this requirement if you have an eligible appraisal of the gift to file with your return.
  • You must obtain a form of acknowledgment from the charity for your donation of property or money. This record can be in addition to receipts for deducting monetary donations. A single statement may also be enough to meet all the deductible requirements.
  • You can deduct donations for the year in which you make them. If you use a credit card before the end of the year it will count for that year, regardless of when it is paid. A check written and mailed by the year end also counts.
  • Special exceptions apply if you donate vehicles such as a car, boat or airplane.

For more information about deductible gifts or other questions about charitable donations, please contact one of our tax specialists at 608-233-9769.

Money Saving Tips for Tax Time

Posted on: January 15th, 2016 by consultingsrvs No Comments

 

Money Saving Tips for Tax Time

The new year is here and you need to think about filing your taxes and work out ways to reduce your obligations. Simply said, it’s time to start planning. Here are a few tips that promote smart choices.

Be aware of possible tax provision extensions

Congress can still extend some popular tax provisions before the end of the year. Look for updates on provisions such as taxpayers 70.5 years and older to make tax-free charitable donations or business deductions for serviceable equipment, and more.

Track the time you spend on business activities

Keep track of time spent on business activities. Business owners may be relieved of the 3.8 percent Medicare tax on business income if they participate enough in the business to prevent being classified as a passive investor.

Stay current with information reporting

Make sure you comply with required documentation and be on time to prevent potentially large fines at tax time.

Keep on top of your state and local responsibilities

Keep in mind that State and local government agencies enforce their own tax filing and payment obligations for income, sales, and property. Be sure to avoid additional charges.

Increase deductions to defer income

As far as taxes go, you want to accelerate deductions and defer income. Think about deferring bonuses, self-employment or contract earnings. Consider increasing regular income and real estate tax payments throughout the year.

Do you anticipate a tax deficit?

Examine your withholdings for the upcoming year. Estimate what your tax payments will be. If you think you may face an underpayment fine, you can prevent that penalty by increasing withholding from your salary.

We can help you make a detailed assessment of your current tax situation and help you develop a strategy on reducing your taxes for 2016. Call us today at 608-233-9769.

Areas of Expertise

Non-filer & Delinquent filers

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Non-filer & Delinquent filers

At Consulting Services Tax & Accounting, we know that sometimes life can be complicated, and that can make doing your taxes even more difficult. Sometimes, things can just get away from you, and before you know it, one or more years have gone by. That's why we want to work with you, to make it easier to get caught up and current with your tax filing obligations.

Multistate filers

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Multi-State Filing

Sometimes in life you've got to move around. Your work life can take you to many different places, whether it's a short-term assignment, or a long-term move, this may mean that you will need to file a tax return for multiple states. Many smaller tax preparation firms lack either the expertise or the software to handle multi-state filings. With Consulting Services Tax & Accounting, you can count on us to get all of your tax problems under control, no matter what state filings may be involved.

Small Business

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Home-based Small Business Specialist

If you own a small business, you have enough on your mind just trying to handle your day-to-day affairs and help your business grow. Tax time often adds an even greater burden to the small business owner because the rules for deductibility, depreciation, and how to determine your taxable income can be confusing and time consuming. We want to make tax time easier for you, so you can get back to focusing of the running your business.

Corporate and LLC filing

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Corporate & LLC Guidance

Whether you've owned a small business for a while, or you want to start your new business with a plan for the future, the staff at Consulting Services Tax & Accounting is here to help. We can advise you on the best route to take whether it is the formation of an LLC, Partnership, S-Corp, or a C-Corp, and what the advantages and disadvantages are for each type of entity, so that you'll be prepared to make the best possible choice for your businesses future.

Why Choose Us?

Full service Full Service

As a full service tax preparation firm, not only do we offer professional tax preparation we also offer in house accounting and payroll services. Call us today and we will be happy to set up an appointment for a free 30 minute consultation before we begin working together.

Trust us Year Round Service

Consulting Services Tax & Accounting is available and has regular office hours Monday thru Friday year-round to assist you with any and all tax, accounting and payroll issues that may arise.

Piece of mind Peace of Mind

You can count on Consulting Services Tax & Accounting to provide you with high-quality services and expert advice that will put all of you tax time worries to rest.

Custom care We Are There for You

If you have a unique or difficult tax situation, we are always here to help you. We have seen many different tax scenarios in our 45+ years of service to the Madison area.

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European Union competition chief Margrethe Vestager said Thursday morning she's ready to investigate Google parent Alphabet Inc.'s 130 million-pound ($185.5 million) tax deal with the U.K. if there are complaints. It didn't take long for the first to surface.

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Wyly Lawyer Tells Judge Aggressive Tax Planning Not Illegal

Samuel Wyly's lawyer, fighting a $2.2 billion claim by the Internal Revenue Service, told a skeptical judge that his client's tax planning was "aggressive but not illegal

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EU Sets Sights on Forcing Firms to Pay Nations Tax Where Due

Companies shouldn't be able to get away with paying very low taxes--or none at all--in countries where they earn profits, EU Economic Affairs and Tax Commissioner Pierre Moscovici said as he introduced a package of proposals designed to curb tax evasion.

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