Proudly Serving Madison since 1969

For Immediate Help... Call now!

Consulting Services Tax & Accounting

Experienced Tax Problem Solvers • Specializing in Business & Individual Tax Solutions

Steps to Tax Planning

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

Steps to Tax Planning

 

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.

Areas of Expertise

Non-filer & Delinquent filers

For more Information

Click Here

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

For more Information

Click Here

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

For more Information

Click Here

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

For more Information

Click Here

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.

Tax News

Marcum Leads Top Firms in Q4 Audit Clients

Top 100 Firm Marcum took the top spot among large audit firms in bringing in new Securities and Exchange Commission audit clients in the fourth quarter of 2015, with 11 new engagements and a net gain of six.

Read More

Google's Tax Deal with U.K. May Be Next in Line for EU Probe

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.

Read More

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

Read More

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.

Read More

© 2016 Consulting Services Tax & Accounting All Rights Reserved